A decline in the price of diesel fuel was not meant to last, as prices once again increased only a week after the first drop in a month and a half, according to the latest numbers from the Energy Department.
The national price of on-highway diesel fuel increased 1.3 cents nationally last week, bringing the average to $2.128 per gallon. With such a small increase this week, the price is still 62.6 cents cheaper than it was 12 months ago.
While prices jumped in most parts of the country, the increases were small last week. The largest increase occurred in the Rocky Mountain region at 1.9 cents per gallon. The biggest decrease in prices was in the New England area, with a 0.6-cent drop.
In a reversal of last week’s results, the price of regular gasoline dropped by 1.4 cents on average, settling at $2.086 per gallon. That price is 33.9 cents cheaper than it was for the same week a year ago.
Prices varied up and down depending on the region, with the largest increase coming to the Rocky Mountain area at 3.2 cents. The largest decrease in prices was found in the Gulf Coast region at 3.4 cents.
Crude oil prices finished up on April 11, topping $40 per barrel for the first time since late March, according to a CNBC report. The crude oil market has risen slightly after bottoming out around $30 per barrel in early in 2016, however, the market has varied week to week as production is still too high.
An upcoming meeting of OPEC countries could lead to an agreed upon production freeze at current levels. That has caused crude prices to increase in anticipation. Some analysts are still cautious that it will have a large impact on prices as other large oil producing countries like Russia are unlikely to follow suit.
Originally posted on Trucking Info