Fuel Smarts

Diesel Prices Near $2.40 Per Gallon

May 31, 2016

Source: EIA
Source: EIA

The average price of diesel fuel has risen about 40 cents from a near $2 low earlier this year, according to the latest numbers from the Energy Department.

The price of a gallon of on-highway diesel fuel increased 2.5 cents last week, bringing the average of diesel fuel to $2.382 per gallon. Despite the increases, that price is still 52.7 cents cheaper than it was a year ago.

Prices were up in every corner of the U.S. with the largest increase hitting the West Coast at 5.3 cents per gallon. The smallest change occurred in the Rocky Mountain region, where prices only increased by 1.7 cents per gallon.

The average price of a gallon of regular gasoline also increased for the week, jumping 3.9 cents to $2.339. That price is 44.1 cents cheaper than it was for the same week last year.

The highest increase in gas prices was in the Midwest with the average price for the region jumping 6 cents for the week. The smallest increase was on the West Coast. where prices increased 1.5 cents.

Crude oil prices dropped slightly on May 31st, staying just below $50 a barrel according to a CNBC report. Recent comments from a senior OPEC member were optimistic that the current oil prices reflected that the market had corrected upward in recent months.

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