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Diesel, Gasoline Prices Up, Crude Oil Futures Slip

August 29, 2016

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Source: DOE Energy Information Administration
Source: DOE Energy Information Administration

Diesel and gasoline prices were up over the past week compared to the week before, according to weekly figures from the Department of Energy, but still lower than they were a year ago.

The national average for a gallon of on-highway diesel was up 3.9 cents to $2.409, which is still 10.5 cents less than a year ago. The highest prices were seen on the West Coast at $2.658 per gallon, the lowest in the Gulf Coast at $2.269 per gallon.

The largest increase in diesel prices was on the West Coast minus California, up 5.7 cents per gallon to $2.555. California itself was only up 1.8 cents per gallon, for an overall West Coast hike of 3.5 cents per gallon.

Regular gasoline prices rose 4.4 cents per gallon to a national average of $2.237, but dropped 2.73 cents per gallon compared to a year ago. The highest gasoline prices were in California at $2.709 per gallon; outside of California, the highest price region was the West Coast region at $2.592. The lowest-priced region for gasoline was the Gulf Coast at $2.009.

The biggest jump in gasoline prices was in the Lower Atlantic region, where they rose 6 cents per gallon, while the smallest increase was on the West Coast, which was up 1.9 cents.

Oil prices fell nearly 2% in futures trading Monday, closing at $46.98 per barrel after two days in a row of rising prices. The fall in prices came after Iraq’s oil minister said over the weekend that it would continue ramping up output, and top exporter Saudi Arabia kept its output at around record levels, according to CNBC. Also contributing to the selling pressure was a stronger dollar.

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