Diesel Fuel Reaches Record Missouri Price As Crude Oil Costs Jump

JEFFERSON CITY, MO, NOV. 9, 2007 -- Average costs of diesel fuel in Missouri and across the nation rose to record highs in the last week, as crude oil costs also set new records, according to the Missouri Department of Natural Resources Energy Center's biweekly Missouri Energy Bulletin.

On Nov. 5, the U.S. and Missouri average retail prices for diesel fuel set new records of $3.30 and $3.21 per gallon respectively, representing increases of 32 percent from a year ago. The previous record average of $3.11 for Missouri diesel fuel was set in an Energy Bulletin survey for Oct. 17, 2005.

Missouri's statewide average retail price for gasoline was $2.89 per gallon. Measured against the same period last year, the Missouri average retail gasoline price is 86 cents higher, while diesel fuel prices are over 78 cents higher for the same period.

Missouri fuel costs are mirroring national petroleum trends. Crude oil futures at the New York Mercantile Exchange set a new record closing price of $96.70 on Nov. 6 and a new intra-day record of $98.62 per barrel on Nov. 7. Crude oil values have increased 42 percent since August due to international geopolitical unrest, increased world demand and strong trading in crude oil futures.

The department's Energy Center collects fuel prices from retail providers located throughout Missouri. Published twice a month, the Missouri Energy Bulletin includes information about prices and supplies of transportation and heating fuels.

The complete Missouri Energy Bulletin for Nov. 8, along with the department's bimonthly energy bulletins of the last year, is available online at www.dnr.mo.gov/energy/transportation/fb.htm.

Source: Missouri Department of Natural Resources

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