What year was diesel the highest?

HOUSTON — The benchmark diesel price that the trucking industry uses to set the price of fuel made history Monday as markets went on a wild 24-hour roller coaster.

And at a leading industry meeting in Houston, OPEC’s secretary-general mostly dodged a question of whether OPEC would add more oil to the market. 

The Department of Energy/Energy Information Administration weekly retail diesel price rose 74.5 cents per gallon to $4.849 a gallon. It is the highest price in the history of the series, which goes back to the early ’90s. The earlier record high was $4.764 on July 14, 2008. 

It was the ninth consecutive week of increases. During that time, the price has increased by $1.236 a gallon.

The increase was by far the largest in the history of the price, which launched in 1994. Prices rose 30.8 and 34.6 cents a gallon in two nonconsecutive weeks in September 2005, on the back of the double whammy of Hurricanes Katrina and Rita. Those previous record increases have been left in the dust. 

As the global market continues to shun at least 2 million barrels a day of Russian exports, the scramble is on to find supply elsewhere. At the S&P Global Commodities Insight CERAWeek conference in Houston, held in person for the first time in three years, OPEC Secretary-General Mohammad Sanusi Barkindo of Nigeria dodged a question of whether his organization might put more barrels on the market.

Earlier in a press conference, Barkindo said that “no one country or group has the ability to maintain balance.” He said OPEC is “following these developments continuously” when asked whether the organization might boost supply. 

But he never committed to a statement that could be interpreted as “yes” or “no.” “We have to overcome this crisis,” he said. “We are working with other governments to play their own part in bringing the world back on the rails.” 

What year was diesel the highest?
Barkindo at CERAWeek in Houston

He also said oil is “under siege,” with access to capital increasingly constrained as banks and other financial institutions move away from lending to the oil industry, under a variety of pressures.

Barkindo said oil markets “could be scary going forward.” But he did not want to declare that what is ongoing with the Russian supply shock is the beginning of what he called the “eighth cycle,” after earlier saying in OPEC’s history that dates back to the early ’60s, there had been seven “cycles” of price surges or price collapses.

Ultra low sulfur diesel prices on the CME commodity exchange surged on the open in trading late Sunday afternoon U.S. time, primarily on news that a full embargo on Russian oil was under consideration. At one point soon after the open, ULSD rose to $4.22373 a gallon. If it had settled above $4, it would have been only one of five times in the contract’s history that it had done so, all of them near the all-time high price of $4.11, recorded on July 3, 2008.

But prices fell back from there, settling at $3.9215 a gallon, still a gain of 14.52 cents. ULSD on CME has now added roughly $1.07 a gallon in just six trading sessions. 

More articles by John Kingston

After rising dramatically following Russia's invasion of Ukraine, the price of gas reached a record, topping a high that had stood for nearly 14 years.

As of Tuesday morning, the average national price for a gallon of regular gasoline touched $4.17, according to AAA, the highest price ever, not accounting for inflation. That was up from $4.07 on Monday and $3.61 a week earlier.

The previous high was $4.11 on July 17, 2008, according to AAA. That would come to around $5.25 today when adjusted for inflation.

The cost for diesel is nearing the record of $4.84, also set in July 2008. The price for a gallon of diesel is $4.75, more than double what it was in October 2020.

PRICES CONTINUE TO RISE: Latest update shows another record set on March 9

One of the main components of the rising costs is the invasion of Ukraine by Russian armed forces. Tom Kloza, chief global analyst for the Oil Price Information Service, told USA TODAY that Russia is the second-largest oil producer in the world, behind the United States. 

Your questions answered: Why are gas prices rising so quickly? How high are they expected to get?

'Be prepared for months of high prices': How to save money as gas prices smash records

For subscribers: Are oil and gas companies price gouging consumers at the pump?

 The Associated Press reported a barrel of U.S. crude oil cost $119.40 per barrel, and Brent crude, the international standard, cost $123.21 per barrel on Monday.

Gas prices are likely to keep rising. The fuel-savings app GasBuddy projects prices will probably average $4.25 in May and stay over $4 until November. 

“Americans have never seen gasoline prices this high, nor have we seen the pace of increases so fast and furious. That combination makes this situation all the more remarkable and intense, with crippling sanctions on Russia curbing their flow of oil, leading to the massive spike in the price of all fuels: gasoline, diesel, jet fuel and more," Patrick De Haan, head of petroleum analysis at GasBuddy, said in a statement Monday. 

De Haan said in a tweet Sunday the chances of a $5 nationwide average are "somewhat remote" but remain a small possibility. 

Most expensive gas in the USA

As is historically the case, California has the most expensive prices in the country, averaging $5.44 a gallon as of Tuesday. The Golden State is the only one to average more than $5 a gallon.

The most expensive county for gas is Mono County, which borders Nevada and includes the tourist destination Mammoth Mountain. The average price is $6.02.

Some gas locations reported prices about $2 over the state average. Stations in Los Angeles and San Francisco sell regular gas for more than $6 per gallon, some reaching nearly $7. In the city of Gorda, about 140 miles south of San Francisco on the coast, one station charged $7.59, KSBW reported. 

As of Tuesday morning, 28 states have average prices over $4. Only five states – South Dakota, Kansas, Missouri, Oklahoma and Arkansas – averaged less than $3.80. The cheapest state to get gas is Oklahoma at $3.71.

Here are the most expensive average costs of gas per gallon in the country, per AAA:

  • California ($5.44)
  • Hawaii ($4.71)
  • Nevada ($4.67) 
  • Oregon ($4.58) 
  • Washington ($4.54)
  • Alaska ($4.50)
  • Illinois ($4.42)
  • New York ($4.36)
  • Connecticut ($4.35)
  • Pennsylvania ($4.31)

Contributing: Mike Snider, Brett Molina

Follow Jordan Mendoza on Twitter: @jordan_mendoza5.

What year was diesel the highest?

What was the highest diesel price ever?

Diesel price reaches all-time high The national average price for a gallon of diesel is now $4.88, according to AAA, breaking the record for the most expensive diesel cost, not adjusting for inflation. The previous high was $4.84 on July 17, 2008, which would be around $6.19 in today's dollars.

When was the highest diesel prices in the US?

At more than $5.50 per gallon, the U.S. average for trucking's primary fuel on May 2 shattered the previous record of $5.25 set shortly after Russia invaded Ukraine earlier this year.

What is the highest fuel has ever been?

American drivers had it rough back in 1981. The average price of gasoline spiked to $1.353 a gallon that year — up from $1.221 in 1980 and more than double the price just three years earlier.

What was the price of diesel fuel in 1995?

Currently, the near-month futures price of a barrel of gasoline is only $1 to $2 above that of a barrel of crude oil, an unusually low margin. ... .