Sign up for The Wire Newsletter!

In The News

Diesel Climbs Again, Rises 2.3¢ to $2.996 a Gallon

By Carol Hill
Posted Jan 9th 2018 1:28PM

Diesel costs 39.9 cents more than it did a year ago, when it was $2.597 a gallon, the Department of Energy reported Jan. 8.

Average regional prices for trucking’s main fuel rose in all areas except the Rocky Mountain region, where the price dipped 0.7 cent to $2.974.

Prices rose past $3 per gallon in the East Coast, Central Atlantic, West Coast and California regions.

The U.S. average price for regular gasoline rose 0.2 cent to $2.522 a gallon, DOE’s Energy Information Administration said.

Weekly average gasoline prices climbed in all regions except the Lower Atlantic and Midwest, EIA said.

West Texas Intermediate crude futures on the New York Mercantile Exchange closed at $61.73 on Jan. 8, compared with $60.37 on Jan. 2.

Oil has held above $60 a barrel since late December in New York with U.S. crude stockpiles contracting and American oil drilling stalling out. Output curbs by the Organization of Petroleum Exporting Countries and allied suppliers have buoyed prices, with producers promising to continue the curbs for all of 2018, according to Bloomberg News.

Also, the weekly U.S. oil rig count was 742 during the week of Jan.5, down five from the week before and 213 more than a year earlier, oil field services company Baker Hughes Inc. reported.

In the midst of investor pressure, explorers are seeking to do more with less in a bid to boost profits, including opening already-drilled wells by fracking them rather than deploying more rigs to start new ones, Bloomberg reported.

Houston-based Baker Hughes ranks No. 15 on the Transport Topics Top 100 list of the largest private carriers in North America.


Please sign in or sign up to post a comment.  Or sign in with Facebook.