Gas Prices Soar And Diesel Fuel Prices Fly

The Energy Information Administration (EIA) reported that the price for U.S. on-highway diesel fuel prices rose 3 cents to $3.903 per gallon, the second consecutive increase. Gas prices were also reported and jumped 6 cents to $3.331 per gallon. Now, gas prices are 1% or 3.3 cents more expensive than a year ago. When also most all year it seems like gas prices would stay low, they have crept back up.

Last week, the EIA said that U.S. commercial crude oil stockpiles fell 1.3% to 367.6 million barrels during the week of December 20, 2013. The price of West Texas Intermediate (WTI) crude oil settled at $100.32 per barrel on Friday, $1.00 below a week earlier.

Meanwhile, total distillate stocks were down 1.6% from last week at 114.1 million barrels, which was 4.4% below the same time in 2012. Demand for distillates rose 0.5% from the previous week and 15.4% from the same time last year. Nationwide, refineries were operating at 92.7% of capacity.

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