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Diesel Prices See First Significant Increase in Nearly 2 Months

October 11, 2016

Source: EIA
Source: EIA

After holding nearly flat for more than a month and a half, the price of diesel fuel increased by more than 5 cents last week, according to the latest numbers from the Energy Department.

The average price of on-highway diesel fuel jumped by 5.6 cents for the week, hitting $2.445 per gallon at the pump. Despite the increase, the price is still more than 11 cents cheaper than it was in the same week of 2015.

Prices were up in all major regions of the U.S. with the largest increase hitting the Gulf Coast at 6.7 cents per gallon. The smallest increase in prices was in the Lower Atlantic region with a jump of 3.6 cents for the week.

The average price of regular gasoline was also up, though by a smaller amount, jumping 2.7 cents for the week to $2.272 per gallon. The price is only 6.5 cents cheaper than it was in the same week a year ago.

The largest increase in prices was in the Midwest region with a 4.8-cent jump. Prices were actually down slightly on the West Coast with a 0.4-cent drop at the pump.

Crude oil prices have been up lately as Russia and members of OPEC discussed a freeze to oil production in order to reduce a supply glut that has plagued the market so far this year. However, prices ended the day down a little bit on Oct.11, according to the Wall Street Journal, due to a new report indicating that supplies actually increased in September. Ironically, it was Russia that was cited as the main reason production levels increased, despite lower overall global demand this year.

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