Fuel Smarts

Diesel Prices Up Slightly, Crude Oil Hits 3-Month High

October 03, 2016

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Source: EIA
Source: EIA

The price of diesel fuel gained less than a cent last week continuing the trend of nearly flat fuel prices that has lasted for the past month and a half, according to the latest numbers from the Energy Department.

The average national price of on-highway diesel fuel increased by 0.7 cents last week, ticking up to $2.389 per gallon at the pump. The price is currently 10.3 cents cheaper than it was in the same week last year.

Prices were up by small amounts in most regions of the U.S. with the largest gain hitting the West Coast at 1.8 cents per gallon. The Central Atlantic and Midwest regions both saw slight decreases at 0.3 cents down for the week.

The average price of regular gasoline was also up last week, increasing 2.1 cents per gallon and hitting $2.245 at the pump. Despite the slight increase, gas prices are still 7.3 cents cheaper than they were at the same point last year.

The largest increase in gas prices was in the Gulf Coast region which saw a 4.3-cent increase for the week. The largest decrease in prices was in the Rocky Mountain region at 0.4 cents per gallon.

Crude oil prices have been indicating a possible rebound for the past few months and this week U.S. oil prices hit a 3 month high, according to a Wall Street Journal report. The rise was attributed to a preliminary meeting between oil producing countries that could lead to a significant reduction in oil production output.

Despite the informal meeting finally taking place, the market may not be ready for a full rally as some analysts remain skeptical that the deal will actually accomplish what it proposed.

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