price of diesel fuel jumped 2.7 cents a gallon last week, the biggest one-week rise since April, and observers say the highest futures prices for crude oil since the Persian Gulf War foretell of more increases before year’s end.
The average stood at $1.261 a gallon on Nov. 15, up from the previous week’s $1.234 a gallon and about 23% above its level in mid-November 1998, the Energy Information Administration reported.
In recent weeks, the price of diesel fuel has seemed to hover in the $1.22 to $1.23 range, moving up, when it did, in increments of a half-cent or less.
“We’ve had creep [in price movement] but I think we have to look for a spike at some point,” said Tom Kloza, editorial director of the Oil Price Information Service in Rockville, Md.
For the full story, see the Nov. 22 print edition of Transport Topics. .
