Diesel Prices Rise to New Record
Average retail diesel fuel prices jumped 7.3 cents last week to another all-time high, and skyrocketing crude oil prices promise that prices at the pump will continue to rise.
As the trucking industry entered its busiest season of the year, the national average price of diesel fuel, as reported by the Energy Information Administration on Sept. 5, stood at $1.609 per gallon, compared with the previous all-time high mark of $1.536, reached the previous week.
“This is happening at the worst possible time,” said Bob Costello, chief economist for the American Trucking Associations.
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Roger Simons, president of Simons Petroleum, a supplier to the trucking industry based in Oklahoma City, Okla., said the volatility of the market is such that “the price will go higher next week.”
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For the full story, see the Sept. 11 print edition of Transport Topics. .