Average Diesel Cost Posts First Hike in Six Weeks, Oil Hits Seven-Week High
April 21, 2014
Credit: U.S. DOE
The average cost of diesel has turned around over the past week and decided to follow the path gasoline has been taking for nearly a dozen weeks.
The U.S. Energy Department reports diesel is up 1.9 cents, hitting $3.971, following five straight weekly declines. Compared to the same time a year ago the price is 8.4 cents higher.
Diesel increased in all the different parts of the country, except in the New England and Central Atlantic sections, adding less than a penny over the past week, with the former having the highest price of any section of the country at $4.212 per gallon. The Central Atlantic has the second highest average cost at $4.191.
The biggest increase was seen in the West Coast region, adding 4.9 cents, for an average of $4.03 per gallon, followed by Rocky Mountain and Gulf Coast regions, adding 3.4 cents and 3 cents, respectively, though the Gulf Coast maintains having the least expensive diesel cost in the nation at $3.82.
As for regular grade gasoline it posted its 11tth consecutive weekly increase, picking up 3.2 cents from last week, for an average of $3.683 per gallon. Compared to a year ago the current price is 14.7 cents higher.
Credit: U.S. DOE
Before this most recent string of increases the national average cost of gasoline was $3.292 in early February.
Prices increased in all parts of the country over the past week with the biggest being seen in the East Coast region, up 5.3 cents, registering $3.662.
Gasoline ranges from a low of $3.446 in the Rocky Mountain region, up 0.8 cent from last week, to a high of $4.027 in the West Coast region, a nickel higher than last week.
Part of the reason for the recent surge in gasoline prices has been due to decreasing supplies and increasing costs for ethanol, which is blended with most gasoline.
Meantime oil on Monday closed at a seven-week high in New York trading, picking up just seven cents on the day, settling at $104.37 per barrel due to continued uncertainty over tensions involving Ukraine and recent U.S. economic reports suggesting increased energy demand. Compared to a week ago, oil is up a little more than 75 cents.