Diesel up for Second Straight Week, Oil Rises as Well
May 20, 2013
The average cost of diesel has posted its second straight weekly increase.
The U.S. Energy Department reports it has gained 2.4 cents over the past week, registering $3.89 per gallon. Despite the hike it is 6.6 cents a gallon lower than the same time a year ago.
Prices moved higher in all regions of the country, except in the New England sub-region of the East Coast region, where it’s down 0.4 cents for an average of $3.991 per gallon, the second highest priced area in the country.
The area with the highest regional prices is the West Coast, where diesel increased 3.9 cents to $4.008 while the Gulf Coast region has the least expensive prices at $3.775 per gallon, increasing 3.6 cents over the past week.
Gasoline prices also followed the same path, increasing for the third consecutive week, with the U.S. average up 7 cents from a week ago to $3.673 per gallon. The cost is 4.2 cents per gallon lower than the same time a year ago but is at its highest level since late March.
Prices range from an average of $3.392 in the Gulf Coast region to $3.952 in the West Coast region. All regions saw price increases except for the Lower Atlantic sub-region of the East Coast region, dropping 0.8 cents to $3.427 per gallon
As for oil it settled at $96.71 per barrel by the end of trading on Monday in New York. It added 69 cents as the dollar dropped in value to other major currencies and following a report that consumer sentiment in May hit its highest level in six years. This puts the black gold up nearly $2.50 over the past week.