On-Highway Diesel Prices Jump Again as Biden Administration Casts Blame on OPEC
Washington D.C. — The national average price for on-highway diesel rose again last week for the seventh week in a row.
According to the U.S. Department of Energy’s (DOE) latest weekly report, the national average price for diesel rose 1.4 cents last week and now sits at $3.727 per gallon.
The latest jump marks the ninth weekly average price increase in the last ten.
Each region once again saw an increase.
The West Coast saw the sharpest rise as the average diesel price jumped 4.6 cents.
In California, the average cost now sits $4.651 per gallon.
The lowest average price — $3.486 per gallon — was reported in the Gulf Coast.
Meanwhile, the Biden Administration is blaming OPEC for the spiking fuel prices.
Over the weekend, Energy Secretary Jennifer Granholm explained where Americans should direct their ire.
“That oil market is controlled by a cartel,” Granholm said on NBC’s “Meet the Press” on Sunday. “That cartel is OPEC. OPEC controls more than 50% of the petroleum supply and more than 90% of the petroleum reserve.”
After reversing a series of Trump-era policies which encouraged domestic energy production, the Biden Administration is now asking the OPEC+ group, which includes OPEC members as well as other non-OPEC members led by Russia, to increase oil production.
There is no indication OPEC+ will do so, at least not in the short term.
President Biden could tap the U.S. Strategic Petroleum Reserve as a way to provide relief.
However, he has been hesitant to do so.
In a recent CNN Town Hall the President indicated he was not inclined to pursue that route since it would “probably reduce the price of gas maybe 18 cents or so a gallon.”