For first time in weeks, fuel prices climb

For first time in weeks, fuel prices climb

After weeks of declining fuel prices, average retail pump prices in the U.S. for diesel and gasoline are on the rise this week, according to data tracked by the Energy Information Administration (EIA).

The national average for diesel rose nearly 3 cents to $2.780 per gallon this week, the agency noted. Though prices increased this week, the national average is $1.191 per gallon cheaper compared to the same week in 2014.

Diesel prices increased in every region of the country except for New England, which was down to $3.049 from last week’s $3.076 according to EIA. Similar to last week, three areas saw prices above the $3-per-gallon mark:

  • New England at $3.049 per gallon, down nearly 3 cents from last week;

  • The Central Atlantic at $3.081, up 1/10th of cent from last week;

  • California at $3.102, up 3 cents from last week’s $3.071.

The national average for gasoline increased nearly 8 cents to $2.485 per gallon this week, the agency noted, which is $1.198 per gallon cheaper compared to the same week in 2014.

Regionally, gasoline prices increased across the board. The most dramatic regional increase was just over 14 cents in New England – $2.491 this week compared to last week’s $2.349. Central Atlantic had the second highest increase at $2.527, up slightly over 11 cents from last week’s $2.416.

In its Annual Energy Outlook 2015, EIA projects that U.S. crude oil production will increase through 2020 as oil prices recover from their steep decline. The report notes that the increasing levels of domestic crude oil in the next five years have two effects: lower crude oil imports and higher throughput at U.S. refineries. According to EIA, higher refinery throughput will increase production and net exports of motor gasoline and diesel fuel.

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