The average price of diesel fuel climbed 22.6 cents to a new
record of $4.723 per gallon Monday, May 26. The average price, up 76.8 cents in
seven weeks, is now $1.906 higher than this week last year, according to
information from the Department of Energy.
The 22.6 rise is the third largest single week increase in
history. No. 1 followed Hurricane Katrina with several oil refineries going
offline. No. 2 spiked in the wake of Hurricane Rita. Of the top ten single week
price increases, 6 are from 2008, with 3-5 happening in May. There have also
only been 20 double digit increases recorded, and 9 of them have happened this
year. The U.S.
average price has stayed above $4 for seven weeks.
The DoE has tracked increases in price in all regions. The
largest increase was on the West Coast at 27.3 cents which brought prices up to
$4.883. The lowest rise was in the Midwest at
20.4 cents which brought prices up to 4.667.
The most expensively priced region, the Central
Atlantic at $4.913, had prices rise 23.1 cents. California is tracked separately by the DoE,
and recorded the nation's first $5 price. Prices in California rose 29.0 cents last week. The
least expensive diesel can be found in the Rockies,
at a $4.653 average, where prices climbed just 21.1 cents this week.