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Fuel Prices Increase for Second Straight Week

The price of diesel fuel at the pump increased for the second straight week, jumping a few tenths of a cent nationally.

by Staff
March 1, 2016
Fuel Prices Increase for Second Straight Week

 

2 min to read


Source: EIA

The price of diesel fuel at the pump increased for the second straight week, jumping a few tenths of a cent nationally, according to the latest numbers from the Energy Department.

The average price of a gallon of on-highway diesel fuel increased 0.6 cents last week, rising to $1.989 per gallon. Despite the increase, the price of diesel is still at a low point and is 94.7 cents cheaper than it was a year ago.

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Prices were mixed across the country with the largest decrease in prices occurring in the Central Atlantic with a 1.3-cent drop. The largest increase in prices was in the Rocky Mountain region, gaining 1.2 cents per gallon.

Regular gasoline prices saw a considerably larger jump during the same period with an increase of 5.3 cents at the pump bringing the average to $1.783 per gallon . The price is 69 cents cheaper than in the same week a year ago.

The largest decrease in regular gasoline prices last week was a 0.7-cent drop in New England while the largest increase was a significant 11.3-cent jump in the Midwest.

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Crude oil prices seemed to have stabilized in the past few weeks thanks to recent agreements by oil producing countries to freeze output while demand is so low, according to a CNN Money report.

While the fundamentals of the energy economy remain weak, the stock market took the output freeze by countries like Russia and Saudi Arabia as a sign that oil prices had bottomed out. However, demand globally is still down and even with the rebound in prices, a barrel of crude oil is around half as valuable today as it was a year ago.

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