According to the USDA Grain Transportation Report, for the week ending August 29, the U.S. average price of diesel rose 20.6 cents to $5.515 per gallon. According to the U.S. Energy Information Administration (EIA), this price was $1.776 above the same time last year and marked the first time since August 1 the price has been above $5 per gallon.
This increase follows 9 consecutive weeks of diesel price declines of at least 10 cents per week. From June 27 to August 22, the U.S. average diesel price dropped by 87.4 cents a gallon. In the Midwest, the key grain-producing region, the diesel price showed the largest jump of 28.2 cents to $5.172 per gallon. The increase reflected regional supply concerns after an August 24 fire at the BP refinery in Whiting, IN, resulted in an emergency shutdown.
Read the full report here.