The average diesel price in the U.S. increased seven cents to $2.09 per gallon for the week of March 23rd, according to the Energy Information Administration, the first time prices have gone up in the past ten weeks.
Since reaching its all-time high of $4.76 on July 14th, diesel prices have dropped 34 of the past 36 weeks—staying flat and increasing two cents in the remaining two weeks. The seven cent increase is the largest amount prices have climbed since May 26, 2008. However, the average price is still down nearly two dollars a gallon year-over-year.
The price of a barrel of crude oil has risen more than 30% in the past month, according to the Associated Press, but this week is the first time it has translated to an increase in on-road diesel prices. The price was recorded at $52.91 a barrel this afternoon in electronic trading on the New York Mercantile Exchange.
According to AP, prices rose due to speculation that the U.S. government’s decision to purge ailing banks of up to $1 trillion of uncertain assets could help aid recovery, on top of other factors including a weakening dollar and strong U.S. home sales.
The most expensive area for diesel fuel continues to be New England, where it averaged $2.40 per gallon. The least expensive areas are the Midwest and Rocky Mountain regions, where it averaged $2.04 per gallon.