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ArchiveEconomy

Diesel climbs to $3.671 a gallon, highest since 2014

EIA data showed the U.S. average diesel price rose 8.5 cents in the week to Oct. 18, 2021, up 26.5 cents in three weeks and $1.28 above a year earlier.

By Transport News Staff · Added to the archive

In October 2021, diesel prices climbed to levels the trucking industry had not seen in nearly seven years.

The national average price of on-highway diesel rose 8.5 cents to $3.671 a gallon in the week to Oct. 18, 2021, according to U.S. Energy Information Administration data. It was the highest since Nov. 10, 2014, when diesel averaged $3.677.

A fast run-up

The increase was steep. Diesel rose 19.4 cents over two weeks and 26.5 cents over three. It cost $1.283 a gallon more than at the same point in 2020.

Prices rose in all 10 regions in the EIA's weekly survey. California had the largest gain at 10.5 cents. The Rocky Mountain region had the smallest at 5.9 cents.

Gasoline rose too, up 5.5 cents to $3.322 a gallon, about $1.17 more than a year earlier.

Behind the price

Crude oil was the main driver. West Texas Intermediate crude closed at $82.80 a barrel on Oct. 20, 2021, up from $80.56 a week earlier. Earlier in the month, the oil minister of Iraq, OPEC's second-largest producer, and Russian President Vladimir Putin both said crude could reach $100, as global inventories kept shrinking.

Demand for diesel was also strong. Over the four weeks ending Oct. 15, distillate fuel product supplied, a measure of demand, averaged 4.1 million barrels a day, 8.3% higher than a year earlier. The EIA forecast that diesel consumption, already above its 2019 level, would rise another 3% to 4.11 million barrels a day in 2022 as trucks continued clearing backlogs from the pandemic.

That backlog was visible at the ports of Los Angeles and Long Beach, where about 100 container ships were waiting to unload in October 2021.

Winter fuel advice

With early snow in the West and Rocky Mountain region, Jack Legler, technical director of the American Trucking Associations' Technology & Maintenance Council, offered fleets advice on cold-weather fuel. His tips included:

  • Use consistent fuel suppliers so additive formulas match local conditions all season
  • Keep water out of fuel systems and storage tanks
  • Change filters early in the season to avoid clogging from ice or wax
  • Avoid fueling right after fuel is delivered into a storage tank, to limit moisture and contamination
  • Keep fuel heaters in good repair and tanks full overnight during big temperature swings

What it meant for carriers

For fleets and owner-operators, the run-up meant higher costs per mile. Fuel surcharge programs tied to the weekly EIA average adjust with a delay, so carriers absorbed part of the increase while prices were climbing quickly.

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