In The News

Diesel up 4 cents, oil surges to 30-month high

On-highway diesel prices rose nearly 4 cents per gallon to average $3.573 for the week ending Monday, Feb. 21, 2011. The oil markets are also surging upward.

Rocky Mountain and West Coast states saw diesel prices increase in the 5- to 6-cent range for the week, according to the U.S. Energy Information Administration. Because of the Presidents Day holiday, prices were reported on Tuesday.

The EIA reported that California was nearing $3.80 for an average, making it the highest price by region.

As far as individual states go, Connecticut, New York and Rhode Island had the highest prices on Tuesday. Connecticut’s tax-included average was $3.919 per gallon according to ProMiles.

ProMiles reported the national average Tuesday at $3.593 after a slight increase overnight.

Weekly averages as reported by the EIA:

U.S. – $3.573, up 3.9 cents
East Coast – $3.620, up 3.3 cents
New England – $3.769, up 2.0 cents
Central Atlantic – $3.734, up 3.4 cents
Lower Atlantic – $3.557, up 3.3 cents
Midwest – $3.517, up 3.8 cents
Gulf Coast – $3.522, up 3.3 cents
Rocky Mountain – $3.568, up 5.7 cents
West Coast – $3.729, up 5.8 cents
California – $3.799, up 5.2 cents

In market news, oil prices were making big gains Tuesday on the New York Mercantile Exchange and elsewhere.

Futures for light sweet crude were trading at a 30-month high of $93.37 as of midday after an increase of $7.17 overnight. Further unrest in the Middle East – this week it’s a revolt in Libya – is helping to fuel the latest market swing according to Reuters .

Europe’s equivalent, Brent crude, gained 50 cents a barrel overnight to average $106 on Tuesday, Reuters reported.

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