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Diesel Prices See Very Slight Uptick

February 22, 2016

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Source: EIA
Source: EIA

For the first time this year the average price diesel fuel increased slightly, ending a long streak of drops, according to the latest numbers from the Energy Department.

The price of a gallon of on-highway diesel fuel increased by a meager 0.3 cents last week, settling at $1.983. The price is still at its lowest point in more than 11 years and is 91.7 cents cheaper than for the same week a year ago.

The price increase was mostly caused by a 1.5-cent increase in prices in the Gulf Region last week, though there were also small increases in the Midwest and on the West Coast. There were still price decreases in other regions, including a 2.3-cent drop in New England.

Gasoline followed a similar path for the week, increasing by 0.6 cents nationally, coming to an average of $1.73 per gallon.  The price is more than 60 cents cheaper than it was a year ago.

The largest increase in gasoline prices was also in the Midwest where a gallon of gas jumped by 8.7 cents last week. However, this price increase was mostly offset by a large decrease of 7.6 cents in the West Coast.

Part of the reason diesel and gasoline prices rose slightly last week is that oil has started to rebound after plunging to near $30 per barrel.

Trading on the stock market indicates that there is an increasing belief that production levels will begin to decline significantly, causing the price of crude oil to jump on Monday, according to a MarketWatch report.

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