A recent winter reprieve in fuel costs has been short-lived. During the week of Jan. 12, the average price for regular gasoline inched up 10¢, or 5.9%, to $1.78 per gallon, while on-road diesel rose 2.3¢, or 1%, to $2.31 per gal, according to the U.S. Energy Information Administration. But prices for both fuels are still considerably lower than a year ago, with gas and diesel ringing up 41.8% and 30.4% lower, respectively. Despite low costs today, the slumping economy threatens to force a rebound in fuel prices later. EIA points to an overall climate of cutbacks for petroleum capital expenditures on the supply side, especially in 2009.
Modest Rebound Checks Steep Decline in Fuel Prices
January 14, 2009