Average Diesel Cost Highest Since September

The average cost of diesel in the United States started off 2014 slightly higher than where it ended last year, according to a weekly U.S. Energy Department report and is also at its highest level since late September.

It increased 0.7 cent over the past week, the third straight weekly rise, registering $3.91 per gallon, just a tenth of a cent lower than where it was the same time a year earlier.

Before this most recent string of increases the average was $3.871.

Prices increased in all part of the country, except the Lower Atlantic section of the East Coast region, where it fell 0.9 cent, for an average of $3.847. The biggest increase was in the Central Atlantic section of the East Coast region, where it picked up 3 cents, for an average of $4.046.

Diesel ranges between a low of $3.802 in the Gulf Coast region, 1.3 cent higher than a week ago, to a high of $4.115 in the New England sub region of the East Coast, 0.4 cent more over the same time.

During the same time the average cost of gasoline also barely increased, edging up 0.1 cent, registering $3.332 per gallon, 3.3 cents higher than a year ago. 

Despite the small hike, gasoline is at it highest average cost since the latter half of October.

Prices increased in all regions of the country over the past week, except in the Midwest, where it fell 4.2 cents.

Gasoline ranges between an average of $3.12 in the Rocky Mountain region, up 2 cents from last week, to a high of $3.556 in the New England part of the East Coast region, 0.8 cent more during the same time. 

This happened despite the price of oil continuing to lose ground on Monday by falling 53 cents on the day and settling at $93.43 per barrel, hitting a five-week low. It has lost nearly $6 over the past week due to concerns of a worldwide glut because of expectations that Libyan oil production and exports will be returning to normal.