Diesel Prices Up 78¢ from January 2022
According to the Energy Information Administration, the average U.S. price of diesel ran $4.62 a gal. in the week that ended Jan. 30, up 78¢ from a year earlier. On the East Coast, diesel sold for $4.84 on average, a 98¢ annual jump.
Will Electric Vehicles Actually Drive Down Prices at the Pump?
Meanwhile, Europe has announced a ban on Russian diesel fuel and other refined oil products--a move that will further curb its own energy dependence on Russian energy, while attempting to limit Russia's gains from it's energy sector. The ban allows for a 55-day grace period for diesel loaded on tankers prior to Sunday.
The move comes shortly after G7 countries announced a price cap on refined Russian oil products, which took effect on Sunday. Fuel oil and other low-value exports will be capped $45. A cap of $60 already applies to Russian crude.
Are Landlocked Soybean Crush Facilities Destined to Survive?
Insurers and shippers are prohibited from dealing in items covered by the cap unless they were bought below or at the designated price.