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Diesel Moves Closer to $3, Sixth Straight Weekly Hike

May 26, 2015, by Evan Lockridge

The average U.S. cost of on-highway diesel continues moving closer to the $3 per gallon mark with it recording its sixth straight weekly increase, according to the U.S. Energy Department.

It increased 1 cent from last week to $2.914 per gallon, its highest level in more than two months.

Over the past six weeks, the average diesel price has increased 16 cents but is $1.011 less than compared to this week in 2014.

Prices increased in all parts of the country from last week, ranging from 0.4 cent in the Central Atlantic states, for an average of $3.162, to 1.7 cents in the Rocky Mountain region, where the average is $2.83.

The price range for diesel extends from a low of $2.80 in the Midwest, up 0.9 cent over the past week, to a high of $3.174 in the West Coast region, an increase of 1.2 cents.

Likewise, the cost of regular grade gasoline continues increasing, up 3 cents from last week, for a national average of $2.774. This is the sixth straight weekly gain and the highest price since last December.

Despite the hike it remains 90 cents less than compared to the same time last year.

Prices increased in all regions but the West Coast, where it fell 2.6 cents for an average of $3.487, also the highest priced section of the country and far ahead of the second most expensive area, the Central Atlantic states at $2.735.

The least expensive regional gasoline price is the Gulf Coast at $2.486, up 2 cents from last week.

This happened as the price of oil has declined in New York trading, shedding $1.69 a barrel on Tuesday, settling at one month low of $58.03 per barrel on news that the dollar strengthened against foreign currencies.

Also, the investment firm Goldman Sachs reported the number of oil rigs in service in the U.S. increased last week for the first time since November. Compared to the opening market price a week ago oil is down by more than $2 in New York.

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