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Diesel Rises For Third Straight Week as Oil Eases From Recent High

July 22, 2013

By Evan Lockridge

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Prices for diesel and gasoline moved higher again over the past week as the cost of oil eased back Monday following its highest closing price on Friday since March 2012.

Figures released Monday afternoon by the U.S. Energy Department show the average price of diesel over the past week has increased 3.6 cents to $3.903 per gallon. The gain is only the third consecutive one, but together they total 8.6 cents per gallon. Compared to the same time a year ago, diesel is 12 cents per gallon higher.

Credit: DOE/EIA.
Credit: DOE/EIA.

Price increases were recorded in all regions of the country, ranging between 2.3 cents in the Midwest to an average of $3.875 per gallon, to 5.3 cents in the Lower Atlantic part of the East Coast region to an average of $3.857 per gallon.

Diesel ranges between a low of $3.841 in the Gulf Coast region, up 4.3 cents over the past week, to a high of $4.041 in the West Coast, a hike of 4.4 cents.

Like diesel, gasoline is continuing with its own surge. The national average was up 4.5 cents over the past week for an average of $3.684 per gallon, its second straight weekly gain. The increase puts it as its highest level since late March and is 19 cents per gallon higher than a year ago.

Gasoline increased in every part of the country over the past week and ranges between a low of $3.507 in the Gulf Coast region, up 6.4 cents, to a high of $3.954 along the West Coast, an increase of 2.9 cents during the same time.

Crude on Monday closed at $106.91 per barrel in New York, down $1.14 for the day and from a 16-month high, but still is about half a dollar higher than where it was a week ago.

It surged last week on news of a growing economy, shrinking stockpiles over the long-term, along with lingering concerns if political unrest in Egypt could affect crude shipments.

However, a government report on Monday showing sales of existing U.S. homes in June slipped 1.2% from the month before tempered the earlier excitement about the economy among oil traders.

Oil has increased more than $13 per barrel since June 21, with some blaming speculators for recent rise.

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