Diesel price rises for fourth week, up 2.4 cents to $2.878

Diesel price rises for fourth week, up 2.4 cents to $2.878

For the fourth week in a row, the average retail pump price for diesel has climbed, according to data tracked by the Energy Information Administration (EIA).

Diesel across the U.S. came in at $2.878 per gallon for the week ending May 11, up 2.4 cents—but that’s still $1.07 per gallon lower compared to this time a year ago. The price has increased about 12 cents over the past month.

Prices increased in every region of the country, led again by the Midwest region, up 3.3 cents to $2.748:  Diesel was up 2.3 cents in California to $3.25, the highest price in the country, followed by the Central Atlantic region where the price was $3.151, up 1.8 cents.

The lowest diesel prices remain the in Midwest, on the Gulf Coast at $2.771 (up 2 cents), and in the Rocky Mountain region at $2.772 (up 0.8 cents).

Also last week, U.S. oil inventories fell 3.9 million barrels, the first weekly decline this year, according to data reported Wednesday by the U.S. Department of Energy. The supply pinch comes as U.S. crude prices have risen every week since March 13, topping $60 in April, with futures prices briefly hitting a high for the year following the DOE supply report.

 

TAGS: News Business
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