Diesel prices continue to climb

Diesel prices continue to climb

Diesel prices across the U.S. gradually increased this week, according to data tracked by the Energy Information Administration (EIA). For the most part, gasoline followed suit – with the exception of the West Coast, which saw the only decrease this week.

The EIA said the average U.S. retail pump price for diesel was up 1 cent this week to $2.914 per gallon, which is $1.011 per gallon cheaper compared to the same week in 2014.

Diesel prices increased in every region of the country, breaking the $3 per gallon mark in six areas:

  • California, up one tenth of a cent to $3.269 per gallon;

  • The Central Atlantic, up 4 tenths of a cent to $3.162;

  • The West Coast including California, up just over a cent to $3.174;

  • New England, up 8 tenths of a cent to $3.101;

  • The East Coast, up 7 tenths of a cent to $3.014;

  • The West Coast without California, up 2.4 cents to $3.057.

The biggest one-week hike in diesel prices occurred in the West Coast without California, EIA said, where diesel increased over 2 cents per gallon to $3.057.

Average U.S. retail pump prices for gasoline climbed 3 cents this week to $2.774 per gallon, the agency noted, though that is still 90 cents cheaper compared to the same week last year.

Gasoline prices increased in every region of the U.S., with the exception of the West Coast including California, which saw a 2.6 cent drop to $3.487. Two regions were above the $3-per-gallon mark – the West Coast including California and the West Coast without California, which increased 1.6 cents to $3.021 this week.

According to EIA, retail gasoline saw the lowest average prices going into Memorial Day weekend since 2009. “Lower gasoline prices reflect lower crude oil prices, with the spot price of North Sea Brent crude oil at more than $45 per barrel ($/b) lower than the same time last year, despite having increased more than $10/b since the beginning of February,” EIA said.

EIA added that average retail prices for all regions of the country are below the level at the same time last year – even in the West Coast region, where, EIA said, supply disruptions pushed gasoline prices to $3.51 per gallon on May 18.

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