On-Highway Diesel Price Soars to 9-Year High With No Easing In Sight
Washington, D.C. — The national average price for on-highway diesel rose again last week and now sits at its highest point in years.
According to the U.S. Department of Energy’s Information Administration (EIA), diesel prices jumped another 3.6 cents per gallon last week to $4.055.
This marks the seventh consecutive week in which the national average price has increased — rising 44.2 cents a gallon during that time.
In fact, the last time diesel consumers felt this much pain at the pump was all the way back on March 11, 2013, when fuel cost a whopping $4.088 a gallon.
As has historically been the case, truckers in California are feeling the sting the most as the average diesel price rose 57 cents per gallon last week to $5.051.
Prices are lowest in the Gulf Coast region at $3.830 per gallon.
Escalating fuel costs is yet another crisis facing American consumers as inflation also continues to soar, now at a 40-year high.
When President Biden took office in January 2020, the national price of on-highway diesel was $2.696 per gallon.
Average diesel costs topped $3 a gallon in early March of that year and have not looked back since.
The Biden Administration has yet to meaningfully address these problems and it doesn’t appear the White House has a near-term solution to ease the pain.
When asked on Wednesday about skyrocketing fuel costs and the potential impact on oil markets if Russia invades Ukraine, White House Press Secretary Jen Psaki said officials don’t yet have a prediction on how high prices could soon rise.
“As you heard the President say last week, standing up for our values is not without cost,” she said. “What we are trying to do is minimize that cost.”
TransportationNation.com will continue to track it.