The Department of Energy weekly national fuel cost averages on Monday saw the price for a gallon of diesel rise to it’s highest level since September 2008.
The national average for diesel rose to $4.078 per gallon, with prices exceeding $4.20 a gallon in the central Atlantic states and more than $4.30 along the west coast.
Monday’s price index marked the first time diesel has moved past the $4.00 mark since April 2008, when the cost per gallon reached $4.08.
Diesel rose to $4.70 per gallon in July 2008 and dipped to $2.09 in March 2009, the lowest national average cost since February 2005.
Diesel costs remained below $3.00 a gallon until April 2010 when the national average reached $3.06, but the price has steadily increased over the past year.
The current price exceeds DOE’s January 2011 forecasts in which the department speculated that diesel would average $3.40 for the year.
In March, DOE revised their forecast for the weekly national average cost of diesel to $3.81 for the remainder of 2011.
With unrest in the Middle East and oil production at a standstill along the Gulf of Mexico, the future price of diesel fuel is uncertain.
However, historical data (XLS) suggests that prices for gas and diesel will continue to rise through July of this year, with costs dropping some beginning in August.
