Diesel, Gasoline, Oil Prices Spike This Week

July 16, 2012

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The average U.S. price of both diesel and gasoline rose this week, according to data from the Energy Information Administration. Also, oil prices climbed for a fourth day this week.

The price of diesel rose 1.2 cents to $3.695 per gallon. The only region to experience a fall in prices was the Rocky Mountain region. Diesel prices are down 22.8 cents from one year ago.

Gasoline prices rose 1.6 cents to $3.427 per gallon. However, the Midwest, Rocky Mountain and West Coast less California regions all experienced price decreases. Gas prices are down 25.5 cents from this time last year.

Oil prices have risen four consecutive days this week in hopes that the Federal Reserve will take more steps to boost the economy, reports the Associated Press.

Benchmark U.S. crude on Monday rose $1.33 to end at $88.43 per barrel in New York, while Brent crude rose by $1.95 to finish at $103.37 per barrel in London.

The Federal Reserve is considering a new strategy to boost consumer spending, and analysts are anticipating that Fed Chairman Ben Bernanke will speak on this when he addresses Congress on Tuesday and Wednesday this week. As consumers spend more and the economy strengthens, demand for oil is likely to rise.

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