Diesel prices jump more than 15 cents, due to Tropical Storm Harvey
The ongoing impact of Tropical Storm Harvey continues to impact freight transportation and logistics operations, as evidenced by a huge jump in diesel gasoline prices this week.
The Department of Energy’s Energy Information Administration (EIA) reported this week that the average price per gallon of diesel jumped 15.3 cents to $2.758 per gallon, which is its highest level since checking in at $2.782 the week of July 20, 2015. And it represents the largest weekly gain since March 2011.
Compared to the same week a year ago, the average price per gallon is up 35.1 cents.
West Texas Intermediate crude oil hit a three-week high of $48.66 on the New York Mercantile Exchange.
CNBC reported that Hurricane Harvey disrupted about a quarter of U.S. refining capacity, but Hurricane Irma could cut fuel demand and weigh on prices. The report also noted that WTI crude headed up as refineries sidelined by Harvey started processing oil into fuels.
