Fuel Prices Rise Yet Again, Oil Prices Fall

March 12, 2012

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The national average price for diesel is up yet again this week by almost 3 cents, from $4.094 to $4.123 per gallon, according to the Energy Information Administration's weekly fuel update. This is the seventh week in a row that prices have risen.

The West Coast less California saw the biggest increase, more than 7 cents, and New England was the only region to see a price drop, although it was only by less than half a cent.

The average price for U.S. gasoline is up as well, by more than 3.5 cents from $3.793 to $3.829 per gallon. The only region to see a decrease was New England, where prices fell by an average of just 1 cent.

Though fuel prices are worrying some as they continue to climb, FTR Senior Consultant Noel Perry said recently that he expects prices will calm down in three to four months after the first or second quarter.

Oil prices dropped this week, likely due to worries over the Chinese economy. West Texas Intermediate crude dropped $1.06 o $106.34 a barrel. Brent crude for April dropped 65 cents to $125.33.

On Friday, data showed that China's inflation slowed significantly in February and factory output growth decreased. Concerns over China's energy demand were sparked after it reported a February trade deficit of $31.48 billion, a huge difference form January's $27.28 billion surplus.

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