The national average price of diesel spiked by 5.8 cents per gallon, more than twice the previous high for the year, according to the Energy Information Administration’s weekly data released Nov. 16.
Diesel rose to $2.441 a gallon from $2.383 the previous week. Even with a sharp increase, diesel costs 63.3 cents less per gallon than it did a year ago.
The previous highest weekly jump was 2.2 cents on June 22.
Gasoline increased by 1.5 cents to $2.111, 48.1 cents cheaper than a year ago.
Rising demand for trucking’s main fuel is a key driver in the price surge.
“The on-road demand for trucking is through the roof,” Chicago-based analyst Phil Flynn told Transport Topics. “The demand for diesel has been higher than anticipated, even though it’s down below what it was a year ago. The non-jet fuel demand for diesel has been very strong.”
Diesel’s price climbed in nine of the 10 regions in EIA’s survey. The biggest increase was in the Midwest, where diesel surged 7.8 cents per gallon to $2.339 a gallon. Diesel remains 63.2 cents less expensive there than a year ago.