The federal government is predicting the continuing decline in diesel fuel inventories will cause prices to soar through early next year.
It’s the prediction of the U.S. Energy Information Administration which issued a report this week declaring that diesel prices “will remain higher than $5 per gallon the remainder of the year.”
Prices in Oklahoma aren’t in that category. While the national average as of mid-week was $5.35 per gallon, Oklahoma’s average was $4.91. In fact, Oklahoma’s average price was lower than a week ago when prices averaged $4.97 per gallon, according to the American Automobile Association.
A month ago, Oklahoma’s average diesel price was $4.62 per gallon and a year ago, those who fueled up with diesel paid only $3.30.
Truckers who pull into truck stops in Oklahoma City are met with an average price of $4.91 a gallon compared to $4.95 a week ago. Tulsa prices are slightly lower with the average price this week at $4.86 per gallon, down from $4.92 last week.
Long-haul truckers who drive through surrounding states are met with higher prices. The average is $5.09 in Colorado; $4.97 in New Mexico; $4.99 in Kansas; $5.02 in Missouri and $4.92 in Arkansas. Texas has the lowest average at $4.73 per gallon.
Dwindling inventories of diesel are the latest energy crisis to hit the Biden administration following its attack against the oil and gas industry.
“Inventories are just one part of the supply equation for diesel and other distillates,” said EIA Administrator Joe DeCarolis. “The distillate fuels in storage aren’t the only source of diesel we have to keep trucks and trains moving, but lower-than-average storage levels will contribute to higher costs for diesel and for heating fuels through the winter.”