Fuel prices jump to two-year high
Retail diesel prices across the U.S. have skyrocketed since the beginning of February, rising 45.3 cents a gallon since the week ending Feb. 8, according to the Department of Energy’s Energy Information Administration’s (EIA) weekly pricing updates. Fuel prices have also increased for 19 consecutive weeks, rising 81.8 cents since the beginning of November.
As of the week ending March 15, the national average for a gallon of on-highway diesel was $3.191, the highest national average in more than two years. The last time fuel prices were at this level was the week ending Dec. 20, 2018, when fuel was $3.1 per gallon.
LAUNCESTON, Australia - China resumed storing crude oil in the first two months of the year with almost 1 million barrels per day (bpd) being added to inventories in January and February, rebuilding stockpiles after a rare drawdown toward the end of last year.
Saudi Arabia's economy shrank 3.9% year on year in the fourth quarter but rose 2.5% from the previous three months, according to data on Tuesday that showed an upturn from the depths of the coronavirus pandemic towards the end of 2020.