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President Obama has signed into law a measure that reinstates a biodiesel tax credit of $1 per gallon.

U.S. retail motor fuel prices continued to climb last week as both diesel and gasoline reached two-year highs, the Department of Energy said.

U.S. retail diesel has sold at a premium over gasoline throughout 2010, and petroleum market watchers said global competition for the trucking industry’s main fuel likely means that will not change any time soon.

U.S. retail fuel prices jumped last week, reversing declines over the past two weeks, as the average cost of a gallon of diesel rose 3.5 cents to reach $3.197, the U.S. Department of Energy reported.

In a slow retreat from the two-year high it reached in November, the U.S. retail diesel price average slipped again last week, falling 0.9 cent to $3.162 a gallon, the U.S. Department of Energy reported after its weekly survey of filling stations.

Sens. Tom Carper (D-Del.) and George Voinovich (R-Ohio) introduced a bill that would reauthorize a voluntary national and state-level grant and loan program to reduce diesel emissions.