Average Diesel Cost Jumps for Fifth Straight Week on Higher Crude Prices
February 24, 2014
The cost of diesel has increased for the fifth straight week, according to the U.S. Energy Department, adding 2.8 cents from a week ago, for a national average of $4.017 per gallon.
This is its highest price since around mid-March of last year but is still 14.2 cents lower than the same time in 2013. Over the past five weeks, diesel has increased 14.4 cents.
Prices increased in all parts of the country over the past week, with the largest coming out of the Rocky Mountain region, where it picked up 4.5 cents, for an average of $3.95 per gallon.
Diesel ranges from a low of $3.806 in the Gulf Coast region, up 2.3 cents from last week, to a high of $4.386 in New England, 1.3 cents more over the same time period. Prices in the overall East Coast region, which include New England along with other parts, are still riding high, increasing 1.9 cents from last week for an average of $4.148 per gallon.
Gasoline is also up from last week, with the national average gaining 6.4 cents from last week for an average of $3.444 per gallon.
While gasoline has increased for three consecutive weeks it is 34 cents lower than the same time a year ago.
Prices in all regions increased over the past week, but are down compared to the same time a year ago, with most into big double-digit declines.
It ranges from a low of $3.209 in the Gulf Coast region, a 3 cents increase from last week, to a high of $3.652 in the West Coast region, an increase of 8 cents during the same time.
As for the price of oil, it gained 62 cents in New York trading on Monday, settling at $102.82 per barrel, after falling the two previous trading days as investors have grown nervous about violence in the Middle East and another shot of cold air hitting the U.S. this week. Also it is expected the U.S. Energy Department will report later this week that crude stockpiles in Cushing, Okla. will have fallen for the fourth straight week.
Compared to a week ago the price of oil is up about $2.50 cents per barrel and is up 5.5% for the month, but has fallen slightly after settling above $103 per barrel last week, the highest price so far this year.