Diesel and Oil Prices Hitting Summer Highs
July 15, 2013
The prices for diesel and oil are all surging.
A new report released Monday by the U.S. Energy Department shows the average cost of diesel has risen 3.9 cents over the past week to $3.867 per gallon.
This is the second straight weekly hike, putting the fuel just shy of where it was in early June. It’s up 17.2 cents from the same time a year ago
Worries about tensions in Egypt helped drive oil prices higher amid concerns there could be disruptions in oil transported via the Suez Canal. (Photo by Panoramio via Wikimedia Commons)
Every part of the country recorded an increase over the past week, ranging from 1.8 cents in the Rocky Mountain states, where diesel averaged $3.829 per gallon, to 4.7 cents in Lower Atlantic sub-region of the East Coast region, averaging $3.804 per gallon.
Prices range from a low of $3.798 in the Gulf Coast region, up 4.5 cents over the past week, to a high of $4.005 per gallon in the New England sub-region of the East Coast, which saw increase of 4 cents during the same time.
The price of crude has continued to help drive the recent fuel price hike, with futures prices up 37 cents in New York trading on Monday, setting at $106.32 per barrel. Oil has gained a little more than $3 over the past week and about 10% so far in July, due in part to a big decline in U.S. stockpiles, as well as political tensions in Egypt the traders worry could lead to oil supply disruptions through the Suez Canal.