The New England spike, said Diego Saltes, an analyst with the Economics and Statistical Analysis Department of American Trucking Associations, resulted from increased consumption of heating oil. Temperatures in the Northeast dropped sharply the week of Jan. 10, boosting demand for heating oil. Both diesel and heating oil are distillates, with similar price and supply patterns.
Analysts disagree about the factors determining the current price of diesel.
Now, however, diesel prices are being driven by falling inventories and single-digit temperatures, said Tom Kloza, editorial director of the Oil Price Information Service. The wholesale price stood at 85 cents on Jan. 19, up 15 cents from the beginning of the year and up 53 cents from a year ago. Kloza said it is likely to rise above 90 cents. For the full story, see the Jan. 24 print edition of Transport Topics. Subscribe today .