Diesel prices continue rebounding since hitting their lowest level in five years last month.
New U.S. Energy Department figures show the national average price of on-highway diesel gained 3.6 cents over the past week to $2.936 per gallon. Compared to a year ago it is still $1.08 less.
This latest increase is the fourth straight weekly jump since bottoming out $2.831 on Feb. 2.
Prices have increased over the past week in all sections of the country, ranging from just 0.1 cent to $2.796 in the Gulf Coast region, to 13.3 cents to $3.293 in the Central Atlantic states, which is also is home to the most expensive average price in the country.
The least expensive average price is in the Rocky Mountain region at $2.779 per gallon, up 1.7 cents from last week.
During the same time the national average price of regular grade gasoline shot up even more, picking up 14.1 for $2.473 per gallon.
Regionally, price increases were much larger, ranging from 8 cents in the Lower Atlantic states, for an average of $2.335 per gallon, to as much as 37.2 cents in the West Coast region, hitting $3.13 per gallon, the most expensive price in the U.S.
The least expensive section for gasoline is in the Rocky Mountain region at $2.123 per gallon, up 8.2 cents over the past week.
Meantime, the price of crude fell just slightly on Monday and is barely up over the past week. Monday it lost 17 cents in New York trading, closing at $49.59 per barrel. Compared to last Tuesday’s opening price it is up by just 31 cents.
Figures released last week by the U.S. Energy Department showed U.S stockpiles of crude increased by the most of any week since 1982 while a separate report showed oil rigs operating in the U.S. fell last week to its lowest level since 2011. Overseas, Saudi Arabia has increased its output of oil to its highest level since September 2013.
Originally posted on Trucking Info