Diesel begins 2012 14% higher than it began 2011   

Weekly retail on-highway U.S. diesel prices decreased by 0.8 cents to $3.783 per gallon. Diesel topped $4 in November ago but has dropped nearly 23 cents since then. Diesel remains 14% above the level from one year ago. The recent low price point for diesel was $2.023 on March 16, 2009. A view of weekly prices over the last 3 years shows much higher prices in 2011 than seen in 2009 or 2010 (second graph). Diesel prices peaked at $4.771 per gallon in July of 2008 and were above $3 per gallon from September 24, 2007 to November 3, 2008 (over 13 months). Prices have been back over $3 since October 4, 2010 (15 months). In 2008, diesel exceeded $4 per gallon for 23 straight weeks, compared with 6 straight weeks earlier in 2011. In the 35 weeks since the 2011 peak of $4.124, diesel has fallen by 34.1 cents per gallon. In 2008, in the 23 weeks following the peak, fuel dropped by $2.57 all the way down to $2.20 per gallon.