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Diesel Jumps 4.9¢ to $3 a Gallon

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10/5/2010 9:00:00 AM

Gas Gains 3.8¢ to $2.732, Following Crude Increase

Diesel’s national average price jumped 4.9 cents to $3 a gallon, the first time it has been at that level since May, Department of Energy said Monday.

Diesel slipped 0.9 cent last week following two weeks of increases totaling 2.9 cents, and the price is now 41.8 cents over the same week a year ago.

This week’s spike was the biggest since a 6.3-cent jump on Aug. 9, and trucking’s main fuel last topped the $3 level on May 24, when it averaged $3.021.

Gasoline, meanwhile, gained 3.8 cents to $2.732 a gallon, DOE said following its weekly survey of filling stations.

Gas had gained 4.1 cents in two weeks prior to last week, when it fell 2.9 cents, and is now 26.4 cents higher than the same week a year ago.

Oil prices jumped more than $5 last week, topping $81 per barrel on Friday, the first time it had finished a trading day over $80 since early August.

Crude futures fell 11 cents Monday to finish at $81.47 a barrel on the New York Mercantile Exchange, Bloomberg reported.

Each week, DOE surveys about 350 diesel filling stations to compile a national snapshot average price.

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© 2010, Transport Topics Publishing Group. All rights reserved.


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Emil Estafanous, CPA, CFF, CGMA