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Diesel Prices Inch Higher

March 6, 2017

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Source: EIA
Source: EIA

Diesel prices in the U.S. have continued to move upward with a minor increase last week, according to the latest numbers from the Energy Department.

The average price of on-highway diesel fuel in the U.S. raised by a barely noticeable 0.2 cents last week, thanks to offsetting price decreases in many major regions. The average price currently stands at $2.579 per gallon, which is nearly 56 cents more expensive than it was in the same week of 2016.

Prices varied up and down when broken down by region with the largest increase hitting the Rocky Mountain area at 4.3 cents per gallon. The region with the largest drop in prices was New England, where diesel was 1.2 cents cheaper for the week.

The average price of regular gasoline was up by 2.7 cents during the same period, jumping to $2.341 per gallon at the pump. The price is 50 cents more expensive than it was in the same period a year ago.

Prices varied up and down depending on the region with the largest increase coming to the Midwest at 5.7 cents per gallon. The largest decrease occurred in New England, where gas prices dropped 1.4 cents on average.

Crude oil prices were negatively affected by a subdued economic forecast coming out of China that lowered growth expectations for the country, according to a MarketWatch report. Weak global demand, mostly as a result of Chinese economic troubles, played a major role in large oil price drops last year and with the latest economic forecast adding to it, oil prices fell on March 6.

Other factors that have affected prices include increased oil production domestically and a looming increase in interest rates.

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