Diesel Prices Hit 11-Week High as Oil Prices Jump

Diesel prices across the United States hit an 11-week high in the week ending Feb. 20, rising 1.7 cents as oil prices rose to their highest level since May.

The average price of $3.96 is 38.7 cents higher than the same period a year ago, according to the U.S. Energy Information Administration. Diesel prices have risen for eight of the last nine weeks, with prices in the week previous seeing the sharpest increase in nearly three months.

The rise was the steepest in California, where prices rose 4.9 cents to $4.258 a gallon. The Midwest saw the only decrease in prices, as the cost of diesel per gallon fell 0.9 cents to $3.848.

The Midwest, along with the East Coast’s Lower Atlantic region, the Gulf Coast and the Rocky Mountain region, saw diesel prices stay below $4 a gallon.

Crude oil for March delivery rose $1.67 to $104.91 a barrel on the New York Mercantile Exchange. Prices jumped on fears that Iran would curb oil exports to Europe further.

-- Contact Mark Szakonyi at mszakonyi@joc.com. Follow him on Twitter @Szakonyi_JOC