Diesel Prices Top $4 Mark to Nearly 10-Month High

Diesel prices across the U.S. topped $4 a gallon in the week ending Feb. 27, jumping 9.1 cents to a nearly 10-month high as oil prices fell after a seven-day surge.

Prices rose to $4.051 at the fastest pace since the first week ending in November, when prices jumped 10 cents to $3.887. The average price is 33.5 cents higher the same period a year ago, according to the U.S. Energy Information Administration.

The rise was the steepest on the West Coast excluding California, where prices jumped 17.3 cents to $4.227 a gallon. On the East Coast, the New England region saw the mildest increase, as prices rose 6 cents to $4.221. The Midwest, along with the East Coast’s Lower Atlantic region, the Gulf Coast and the Rocky Mountain region, saw diesel prices stay below $4 a gallon.

Crude oil for March delivery fell $1.21 to $108.56 a barrel on the New York Mercantile Exchange. G20 fears over how higher oil prices could dampen global economic growth helped offset worries that Iran sanctions will push up crude costs.

-- Contact Mark Szakonyi at mszakonyi@joc.com. Follow him on Twitter @Szakonyi_JOC