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Diesel prices surge again after stabilizing in recent weeks

June 7, 2022
U.S. average for trucking's main fuel climbs 16.4 cents to $5.703 per gallon. Diesel prices increase everywhere except in New England and the Central Atlantic. Gasoline continues its ascent.

After three straight weeks of slight declines, the price of diesel jumped 16.4 cents in the past week to a national average of $5.703 per gallon, according to the newest government data.

Prices had been declining since their previous high at $5.623 per gallon the week of May 9, lowering week-by-week until they were last measured at $5.539 per gallon on May 30 data, according to the U.S. Energy Information Administration. However, trucking's main fuel is now $2.429 more per gallon than a year ago, according to EIA's latest data for the week of June 6.

See also: Diesel down slightly for third straight week 

Diesel increased in every part of the country except the New England and Central Atlantic regions, where it dropped slightly. However, in those two regions of the East Coastwhich have seen the highest overall prices outside of Californiathe fall in price was only about 3 cents each. The two regions’ prices are now only about a half-cent below $6.20. New England’s current price is 23.6 cents below its highest of $6.431 during the week of May 16, and the Central Atlantic is 16.4 cents lower than its peak of $6.36 the same week.

Gasoline prices surged in every region of the U.S., with a nationwide increase of 25.2 cents since last week.

Motor club AAA, which updates its prices daily whereas EIA updates weekly, recorded diesel at $5.645 per gallon on June 6. This was 0.9 cents higher than the previous day’s average, 12.2 more than the previous week’s, 13.5 more than the previous month’s, and $2.448 more than a year ago.

June 6 data pegged the price of crude oil per barrel at $118.99 for West Texas Intermediate, which hovered around $115 a week ago and $69 a year agorepresenting an almost 58% year-over-year increase. Last week, the price of diesel had decreased despite the price of oil rising, representing common delays seen when pricing fuel commodities.

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Scott Keith

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