Diesel fuel prices jumped 9.1 cents to $4.051, the first time it has topped $4 since November and the highest price since May. Gasoline fuel prices soared 13 cents to $3.721 a gallon in the largest weekly increase in nearly a year. Diesel’s seventh increase in eight weeks left it 33.5 cents over the same week last year. Gasoline is now 33.8 cents higher than a year ago after its ninth gain in 10 weeks. Diesel has posted a net gain of 26.8 cents in the past two months, following a cumulative drop of 22.7 cents in six weeks before that. Gasoline has gained a cumulative 49.2 cents in the past 10 weeks. Monday, February 27th’s diesel price is the highest since it was $4.061 last May 16. Diesel topped $4 just once after May last year, when its national average was $4.01 on Nov. 21.
As we are all worried about diesel fuel prices and gas prices going higher Maryland Gov. Martin O’Malley (D) has sent the legislature his proposal for imposing the state’s 6% sales tax on all motor fuel purchases — a plan that based on today’s prices could add nearly $40 in taxes every time a trucker fills up.
Crude oil climbed again Thursday, topping out at $108.53 to close. Diesel fuel prices and gas prices follow up with gains as well.
One again this week diesel fuel prices and crude oil prices rose. The average diesel fuel prices are now around $3.96 per gallon, yet it is an increase of only about 2 cents from last week. However, the current price is about 39 cents higher than this time last year. The United States crude for April delivery price rose to $105.08 per barrel, which is almost a 2% increase. Prices are expected to continue climbing as the month continues. Additionally, it is estimated that gas prices may reach $4 by the end of the summer and there is a 33% chance that it could reach $5 by the end of 2012. Not a good thing for your fleet fuel cards. Currently the average price at the pump is $3.52, a 4-cent increase from last week.
Diesel fuel rose for a fourth week, gaining 1.7 cents to $3.96 a gallon, while gasoline rose for the eighth time in nine weeks. Gasoline’s national average rose 6.8 cents to $3.591 a gallon. It was also the fourth straight increase at the gas pump. Diesel’s sixth increase in seven weeks left it 38.7 cents over the same week last year, while gas is 40.2 cents higher than last year. Diesel fuel prices has posted a net gain of 17.7 cents in the past seven weeks, following a cumulative drop of 22.7 cents in the six weeks before that. Gasoline fuel prices has gained a cumulative 36.7 cents in the past nine weeks, with just one decline — a 0.2-cent dip four weeks ago.
Diesel fuel jumped 8.7 cents to $3.943 a gallon, its fifth increase in six weeks, while gasoline fuel prices rose for the seventh time in eight weeks. Gas gained 4.1 cents to $3.523 a gallon. The diesel increase left it 40.9 cents higher than the same week a year ago, while gasoline is now 38.3 cents over a year ago. Diesel fuel — which has risen three straight weeks — has posted a net gain of 16 cents in the past six weeks, following a cumulative drop of 22.7 cents in the previous six weeks. Gas has risen almost 30 cents in two months of steady increases. Monday marked its third straight gain, each of which was at least 4 cents.
Iran’s situation will make for an interesting few months for the oil industry. Iran is currently enveloped in a food shortage. It can no longer import the necessary food to nourish its population due to the new economic sanctions on the country. The Middle Eastern nation has been bartering for food by trading gold and even barrels of oil since foreign nations cannot go through the required international financial transactions in order to use currency. In addition, it is estimated that mid-2012 will be when the embargos on Iranian oil will begin taking effect.
Diesel fuel prices rose 0.6 cent to $3.856 a gallon, its fourth increase in the past five weeks, while gasoline continued to climb at a faster rate. Gas fuel prices rose 4.8 cents to $3.482 a gallon, its sixth increase in seven weeks. The upturns left diesel 34.3 cents higher than the same week a year ago, and gas 35 cents over a year ago. While diesel fuel has held near $3.85 for the past month, over the past five weeks its net gain has been 7.3 cents, following a cumulative 22.7-cent drop in the previous six weeks.
It’s the beginning of February and its 68 degrees in the Philadelphia, PA part of the country. To say we have had a mild winter so far would be a big understatement. Crude inventories are up, gas inventories are up, diesel fuel & heating oil supplies are down very slightly so what makes people believe there is only one way for prices to go and that is up.
March is here and spring is near. Still no sign of that cold front I referred to last month, but there has definitely been a skyrocketing of fuel prices! As a fleet manager, you have to be worried that diesel fuel prices will reach $5.00 by summer. There are positive signs that the economy is heading in the right direction. It would be a shame if rising gas and diesel pump prices hinder that.