Diesel Price Soars 7.4 Cents

Average diesel fuel prices leaped 7.4 cents a gallon across the United States in the past week, the sharpest increase in a two-month surge in pricing that has pushed cost of the fuel to $3.407 a gallon.

The U.S. Energy Information Administration reported the strong increase across all regions, including an 11-cent-a-gallon jump in New England that pushed prices there to $3.56 a gallon.

The national increase amounted to a 2.2 percent gain over the previous week and left the national average price measured by the EIA up 15.5 percent in the past four months.

The surge at the pump has come as the price of oil has pushed up beyond $90 a barrel on world markets. Those prices have slipped back this week amid reports of growing supplies but the price on several markets remained over $90 a barrel at mid-week.

Prices for bunker fuel used by ocean carriers have also been spiking upward, with the price of BWI380 bunker growing 8 percent since December, according to Bunker World, which tracks daily pricing.

Diesel prices are at their highest levels since October 2008 and have grown nearly 54 cents a gallon, or 18.7 percent, in the past year.

The average increases in the past week were the largest along the East Coast, at 8.4 cents a gallon, and the Gulf Coast, at 8.2 cents. The surge in New England was included in the East Coast average.