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Fuel and Oil Prices Move Higher Over the Past Week

December 30, 2013

By Evan Lockridge

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Prices for fuel have moved higher over the past week as crude crossed the $100 barrel level once again.

The average cost for diesel ends the year at $3.903 per gallon, up 3 cents from a week ago and the second straight weekly hike, according to a new U.S. Energy Department report. Compared to a year ago the current price is only 1.5 cent lower.

Prices increased in all parts of the U.S. over the last week, ranging from a 1.7 cent increase in the Lower Atlantic sub region of the East Coast and Gulf Coast region, coming in at $3.856 and $3.789, respectively, to 4.7 cents in the West Coast part of the country, minus California.

On average, diesel costs the least in Gulf Coast region, as usual, while it is the highest in the New England sub region of the East Coast at $4.111, up 4.2 cents over the past week.

Gasoline also continued its recent trek into higher territory, increasing for the second consecutive week, picking up 6 cents over the past week, for a national average of $3.331 per gallon. Compared to the same time a year ago it is 3.3 cents higher.

Prices increased in all parts of the country, with it ranging from a low of $3.10 in the Rocky Mountain region, up 4.5 cents from a week earlier, to a high of $3.548 in the New England sub region of the East Coast, a 2.8 cents gain during the same time.

This happened as oil on Monday fell by $1.03 per barrel in New York trading, settling at $99.29. The drop Monday was the first in three trading sessions after crude closed above the $100 mark on Friday.

Last week’s hike was attributed to a government report showing increasing demand for crude while Monday’s decline was due to Libya’s national oil company saying it has resumed some oil field and refinery operations.

Despite the Monday drop oil is up 67 cents from a week ago.

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