US retail fuel prices rise, diesel reaches record

The national average retail price of US diesel fuel reached an all-time high in the latest week while retail gasoline topped $4/USG on average for the first time since July 2008 as the Russian invasion of Ukraine entered a second week.

Nationwide, diesel prices rose on average by 74.5¢/USG in the week ending 7 March to $4.849/USG, the ninth straight week of increases, and surpassing the previous record of $4.764/USG set during the week of 14 July 2008, according to the Energy Information Administration (EIA). West coast prices surpassed the $5/USG mark for the first time, up 68.2¢/USG to $5.393/USG during the week.

Gasoline prices nationally climbed on average by 49.4¢/USG to $4.102/USG, the tenth straight weekly increase, and more than doubling the fuel's 0.24¢/USG rise during the course of February. Prices rose the most along the east coast, climbing by 53.5¢/USG to $4.098/USG.

Prices are likely to keep climbing, as President Joe Biden said today the US would halt imports of Russian crude and products to "hold Russia accountable for its unprovoked and unjustified war on Ukraine."

The US imported 198,000 b/d of crude and 472,000 b/d of products from Russia last year, according to EIA data.

By Jason Metko