Fuel Smarts

Average Diesel Prices Increase 1.3 Cents

December 27, 2016

Source: EIA
Source: EIA

The price of diesel fuel in the U.S. climbed again last week, continuing a month-long streak of increases, according to the latest numbers from the Energy Department.

The average price of on-highway diesel fuel increased 1.3 cents last week, hitting $2.54 per gallon at the pump. The price is now more than 30 cents higher than in the same week of 2015.

Prices were up in all major regions of the country, with the largest single increase occurring in New England at 2.4 cents. The smallest increase was in the Lower Atlantic region at 0.8 cents per gallon.

The average price of regular gasoline was jumped by 4.5 cents in the same period, hitting $2.309 per gallon. The average price is 27.5 cents more than it was in the same week a year ago.

Prices were up in all regions, with the most significant increase hitting the Midwest with an 8.8-cent increase. The smallest increase in prices was in the Lower Atlantic region at 1.1 cents per gallon.

Crude oil prices continued to increase over the past few weeks due to an impending deal between oil producing countries to cut production, according to a report on OilPrice.com.

The production cuts are scheduled to begin on Jan. 1, but OilPrice.com points out that countries are not required to begin cutting production by that date. Once in effect, prices should increase, and some analysts believe that crude oil could average $58 per barrel in 2017. The price of West Texas Intermediate and Brent Crude oil on Dec. 27 hovered around $53 and $56 per barrel respectively.

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