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A slump in global diesel stockpiles has left the market vulnerable to price spikes.

Diesel markets are jumping everywhere, a positive indicator for oil prices more widely.

The national average price for a gallon of diesel continued on its downward trend as the end of the year approaches, dropping another 1.1 cents to $3.615 in the Dec. 27 weekly report provided by the Energy Information Administration.

The Biden administration sought to thread the needle between warring oil and renewable fuel interests Dec. 7 by proposing modest quotas for the use of plant-based fuels while moving to block exemptions for dozens of oil refineries.

A fleet of tankers laden with Russian diesel heading to the U.S. East Coast may help to alleviate the most expensive retail prices for the fuel in seven years.

Top administration officials met the evening of Oct. 12 to discuss rising gasoline and natural gas prices, as President Joe Biden faces intensifying pressure to keep a lid on inflation that threatens the economic recovery and Democrats’ political ambitions.

U.S. inventories of distillates — used as diesel for both transportation and heating oil — are enough to meet just 31.2 days of demand, according to the Energy Information Administration. That’s the tightest it has been for this time of the year since 2000.

The national average price for diesel fuel soared 7.1 cents to reach $3.477 a gallon.

New Jersey’s gasoline tax will drop 8.3 cents to 42.4 cents a gallon on Oct. 1 after drivers were forced to pay more at the pump a year ago, state officials announced Aug. 24.