Crude oil is trading around $57/barrel, and U.S. gasoline prices jumped 16 cents/gal. last week, but those increases have not translated to high diesel prices as the weekly average price for a gallon of diesel for the week of May 11 rose just 3 cents from the previous week.
The $2.22/gal. price is just one cent off the four-week average of $2.21. Gasoline climbed to $2.24/gal. and crude oil was trading down but still remained at $57.81 in mid-morning trading.
Each region of the country saw an increase in diesel prices last week, with the Gulf Coast and the lower Atlantic posting the largest climbs at 5 and 4 cents, respectively. The Gulf Coast is at $2.20 while the lower Atlantic is at $2.19. New England remains the highest at $2.40 with the Central Atlantic coming in a $2.39. California is $2.34. The Midwest has the cheapest diesel at $2.16/gal.
The price is still 50% lower than a year ago when a gallon of diesel cost $4.50.
