On-highway diesel fuel prices on the rise

The cost of diesel fuel is on the rise this week amid concerns over the invasion of Ukraine by Russia.

According to the U.S. Energy Information Administration’s weekly report released February 21, U.S. average on-highway diesel fuel costs have reached $4.055 per gallon, up $0.036 from the previous week.

The national average for diesel fuel prices is up $1.082 over this time last year.

Experts are worried that sanctions against Russia due to the invasion of Ukraine could cause Russia to withhold oil from the global market, driving up fuel costs even more. As of Thursday morning, oil prices surged to more than $100 per barrel as markets reacted to the overnight news of the invasion of Ukraine.

“Russia is one of the leading oil producers globally, behind only the United States and Saudi Arabia,” said Andrew Gross, AAA spokesperson. “And if they choose to withhold their oil from the global market, such a move would eventually be reflected in higher gas prices for American drivers.”

According to AAA, the highest recorded diesel price was $4.845 on 7/17/2008.