WASHINGTON — Average at-the-pump diesel prices nationwide soared to $2.567 a gallon — a jump of 16 cents — during the seven-day period ended Aug. 15, according to the Energy Information Administration (EIA) in Washington.
That’s 74.2 cents more a gallon than truckers were paying at this time a year ago. The latest price explosion has everyone in the trucking industry wondering not if, but when, diesel will join California in eclipsing the dreaded $3-a-gallon plateau.
California broke the infamous barrier during the EIA’s latest reporting period, as the cost of diesel in the Golden State rose 9.9 cents a gallon to $3.042.
The nation’s latest surge in the cost of diesel typifies one of the most mystifying of all enigmas in the oil industry. While the price of diesel continued its steady pace upward, the cost of oil began to subside somewhat to around $66 a barrel as investors engaged in profit-taking following a powerful rally a week earlier.
According to many experts, however, lingering fears of over-supply after reports of U.S. refineries breaking down is seen as a signal that prices aren’t likely to take much of a dive in the foreseeable future.
“There is no particular reason why prices should go down significantly any time soon,” said Deborah White, an energy analyst with SG Securities.
Officials at about a dozen U.S. refineries, which are responsible for 16 percent of the nation’s total refining capacity, reported experiencing various problems or unplanned shutdowns during the latest EIA reporting period.
Long-haul trucker Bob Ploof, 40, of Petersburgh, N.Y., told USA Today that while driving cross-country he found diesel as cheap as $2.29 a gallon in Oklahoma. He said he knew fuel was pricey in California, “but I didn’t think it was this high.”
Last year, Ploof spent $40,000 on fuel, he said. He predicts that the total this year will skyrocket to $50,000. Surcharges imposed by shippers help absorb some of the brunt, but not enough, Ploof said, adding: “You can’t afford to run, and you can’t afford to shut down, either.”
Other price increases reported by the EIA were 18.8 cents a gallon to $2.524 in the Midwest; 16.5 cents to $2.499 in the Lower Atlantic; 15.8 cents to $2.481 along the Gulf Coast; 15.8 cents to $2.544 on the East Coast; 14.9 cents to $2.633 in the Central Atlantic states; 12.9 to $2.615 in the Rocky Mountain region; 12.6 cents to $2.618 in New England; and 9 cents to $2.891 along the rest of the West Coast.