Diesel surges by more than 70 cents

Diesel prices are reaching historic highs based upon the latest report released by the Energy Information Administration on March 7.

Referencing previous EIA weekly reports, prices like this week have not been seen since the summer of 2008, when prices hovered around $4.70.

The most recent EIA report showed the national average price per gallon of diesel is now $4.849, up from $4.104 a week ago. That more than 70-cent surge means the national average is now $1.706 higher than it was one year ago.

Looking at the report by region, the highest price per gallon is still found in California ($5.759), while the largest increase this week was 85 cents in the Lower Atlantic.

Price jumps of more than 80 cents were also reported in the Gulf Coast and East Coast regions.

Following this week’s increases, three regions now feature an average price of more than $5.

$4.54, in the Rocky Mountain region, is the lowest price per gallon this week.

Average U.S. price for a gallon of diesel on March 7 as reported by the EIA:

• U.S. – $4.849, up 74.5 cents.
• East Coast – $4.97, up 80.9 cents
• New England – $4.815, up 65.7 cents.
• Central Atlantic – $5.093, up 78.4 cents.
• Lower Atlantic – $4.919, up 85 cents.
• Midwest – $4.649, up 68.1 cents.
• Gulf Coast – $4.703, up 83.1 cents.
• Rocky Mountain – $4.542, up 56.6 cents.
• West Coast – $5.393, up 68.2 cents.
• West Coast less California – $4.978, up 68.3 cents.
• California – $5.759, up 68.2 cents.

Last week’s diesel price report is here.

Russian oil ban

On March 7, HR6947 was introduced to prohibit the importation of crude oil, petroleum, petroleum products, and liquefied natural gas from the Russian Federation.

The bill, sponsored by Rep. Jodey C. Arrington, R-Texas, had 10 co-sponsors as of Tuesday morning.

President Joe Biden was expected to announce further sanctions against Russia on Tuesday, according to an Associated Press report. LL