Diesel skyrockets 74.5¢ in one week to all-time record high

From Transport Topics.

President Joe Biden announced March 8 the U.S. is banning the importation of Russian oil as a direct response to Russian President Vladimir Putin’s decision to invade neighboring Ukraine, resulting in significant civilian casualties.

Biden’s announcement comes as the price of diesel, trucking’s main fuel, rose an unprecedented 74.5 cents last week to a record $4.849 a gallon, according to the Energy Information Administration. Diesel’s previous high was $4.764 a gallon in July 2008.

“The United States is targeting the main artery of Russia’s economy. We’re banning all imports of Russian oil and gas and energy,” Biden said in White House remarks. “Russian oil will no longer be acceptable at U.S. ports and the American people will deal another blow to Putin’s war machine.”

Biden said his administration is working to immediately expand domestic oil production. He announced the U.S. is releasing additional petroleum from the Strategic Petroleum Reserve to ease supplies.

“This is a step that we’re taking to inflict further pain on Putin, but there will be costs as well here in the United States,” Biden said. “I said I would level with the American people from the beginning, and when I first spoke to this, I said defending freedom is going to cost us as well in the United States.”

The price of diesel remains highest in California, averaging $5.759 a gallon. The largest increase, 85 cents, was seen in the Lower Atlantic, where it now costs $4.919 a gallon.

Gasoline’s increase of 49.4 cents per gallon pushed its national average price over the $4 mark, reaching $4.102 a gallon, according to EIA. The price of gasoline is now up nearly 50% from a year ago.

See the complete article online at Transport Topics.