After falling for 10 straight weeks, the average U.S. cost of diesel has done an about-face. Gasoline is higher for the second straight week but oil is slightly lower.
The U.S. Energy Department reports diesel is up 2.1 cents over the past week for a national average of $3.866 per gallon. Despite the increase, the cost is 13.8 cents per gallon lower than the same time a year ago. Prior to the recent string of declines, it hit $4.159 in February, a more than four-year high.
Prices increased in all regions of the country, except in the Central Atlantic region, where it barely moved lower. Averages range from a low of $3.739 in the Gulf Coast region to $3.995 in New England.
Gasoline continued its turnaround, increasing 6.5 cents per gallon over the past week, following a 1.8-cent hike last week, for a U.S. average of $3.603 per gallon. The increase is the biggest in three months.
Gasoline prices over the past week increased in every region of the country, ranging from $3.364 in the Gulf Coast states to $3.938 along the West Coast.
As for oil, it’s down about 50 cents over the past week in New York trading, registering $95.62 per barrel, though it was higher at times last week, hitting a five-week high. Monday it closed at its lowest level since May 2 due to strength in the dollar against foreign currencies and news Friday that OPEC has increased oil production to its highest level in five months.