The average price of on-road diesel climbed three cents last week to $3.376 per gallon, according to information from the Department of Energy (DOE).
Low sulfur diesel and ultra low sulfur diesel experienced similar increases, 29 cents for the former at $3.301 per gallon and 31 cents for the latter at $3.387 per gallon.
In related information, DOE reported in its monthly updated short-term energy outlook January 8 that global oil markets will likely remain tight through 2008, then ease moderately in 2009. The department expects world oil demand will continue to grow faster than oil supply outside of the Organization of the Petroleum Exporting Countries (OPEC) in 2008, leaving OPEC and inventories to offset the upward pressure on prices. In 2009, higher non-OPEC production and planned additions to OPEC capacity should relieve some of the tightness in the market.