The U.S. average for diesel fuel proved its volatility the week of Jan. 23 as it rose 8 cents to $4.604 per gallon, reversing the declines of most weeks recently. Trucking’s main fuel also was up for the week in all regions that the U.S. Energy Information Administration (EIA) monitors.
Diesel was down slightly, 2.5 cents, last week. And it was looking like the national average might be headed toward the benchmark that EIA established for 2023—$4.48 per gallon—or lower but it went in the opposite direction the week of Jan. 23, perhaps because oil prices, both West Texas Intermediate and Brent, are now creeping up or on several more predictions that the markets may be headed toward a chaotic February based primarily on lower U.S. refining coupled with stronger-than-usual demand and jitters over restricted Russian energy.
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Diesel is 82.4 cents higher than it was a year ago at this time, according to EIA. The national average for the fuel has dropped in nine of the past 10 weeks, however.