By Paul Benfer – Kinetic Supply-Chain Services –

The Department of Energy stated that the average retail price of diesel increased for the 14th time in the past 15 weeks.  The cost increased 2.5 cents per gallon to $2.382.

Diesel costs are still 58 cents below last year at this time.

The rapid increase is being fueled by a reduction of new oil discoveries.  New oil discoveries are at a sixty year low.

Oil reserves continue to decline.  Reserves haven’t been this low since 1952.

Look for diesel and gas prices to continue to climb as we approach the summer months.