During the week ending March 7, U.S. average diesel fuel prices increased 74.5 cents from the previous week to a record $4.849 per gallon — $1.706 above the same week last year.
Current diesel fuel prices outpace by 8.5 cents the previous record set in 2008. Diesel prices are closely tied to crude oil prices.
According to the Energy Information Administration’s (EIA) Short-Term Energy Outlook, Brent crude oil spot prices averaged $97/barrel in February, an $11/barrel increase from January.
Daily spot prices for Brent closed at almost $124/barrel in the first week of March as the further invasion of Ukraine by Russia and subsequent sanctions on Russia and other actions created significant market uncertainties about the potential for oil supply disruptions.
These events are occurring against a backdrop of low oil inventory and persistent upward oil price pressures.
EIA’s spot crude oil prices have trended upward since September 2021, closely paralleling diesel fuel prices.
