Average Diesel Cost Highest in Nearly a Year
March 10, 2014
The average cost of diesel has resumed heading higher, after taking a one-week break, hitting its highest price in nearly a year, according to new U.S. Energy Department figures.
It has gained 0.5 cent over the past week, registering $4.021 per gallon, after falling just 0.1 cent the week before. Before the pause, diesel increased for five straight weeks, adding more than 14 cents. The current average cost is the highest since March 18 of last year, but 6.7 cents lower than during the same week in 2013.
Diesel prices fell in only three parts of the country over the past week, the biggest, by far, happening in New England, down 2.7 cents, for an average of $4.362. Despite the decline the area is the highest priced part of the country. The other areas showing a decline during the same time are the Central Atlantic and Midwest sections, both losing 0.6 cent or less, averaging $4.353 and $4.013, respectively.
The least expensive region, as usual, is the Gulf Coast, where prices increased 2.1 cents from last week, for an average of $3.814.
Compared to a year ago, all parts of the country, except the overall East Coast region, along with two of the three parts that make it up, New England and Central Atlantic, are lower. Those that are down the most are the West Coast and Gulf Coast regions.
This happened as the cost for oil has throttled back. It lost $1.42 in Monday trading in New York, settling at $101.12 per barrel, due to news about a slowing Chinese economy and temperatures starting to moderate in parts of the U.S. following record lows that hit since the first of the year. Compared to a week ago, oil is down more than $3.50.