The average cost of diesel has posted its second straight weekly increase.
The U.S. Energy Department reports it has gained 2.4 cents over the past week, registering $3.89 per gallon. Despite the hike it is 6.6 cents a gallon lower than the same time a year ago.
Prices moved higher in all regions of the country, except in the New England sub-region of the East Coast region, where it’s down 0.4 cents for an average of $3.991 per gallon, the second highest priced area in the country.
The area with the highest regional prices is the West Coast, where diesel increased 3.9 cents to $4.008 while the Gulf Coast region has the least expensive prices at $3.775 per gallon, increasing 3.6 cents over the past week.
Gasoline prices also followed the same path, increasing for the third consecutive week, with the U.S. average up 7 cents from a week ago to $3.673 per gallon. The cost is 4.2 cents per gallon lower than the same time a year ago but is at its highest level since late March.
Prices range from an average of $3.392 in the Gulf Coast region to $3.952 in the West Coast region. All regions saw price increases except for the Lower Atlantic sub-region of the East Coast region, dropping 0.8 cents to $3.427 per gallon
As for oil it settled at $96.71 per barrel by the end of trading on Monday in New York. It added 69 cents as the dollar dropped in value to other major currencies and following a report that consumer sentiment in May hit its highest level in six years. This puts the black gold up nearly $2.50 over the past week.