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Diesel Fuel Prices Continue to Trend Higher

December 13, 2016

Source: EIA
Source: EIA

Diesel and gasoline prices were higher for the second week in a row, according to the latest numbers from the Energy Department.  

The average price of on-highway diesel fuel increased 1.3 cents last week, jumping to $2.493 at the pump. Diesel prices are now more than 15 cents higher than they were in the same week a year ago.

The largest increase was in the Central Atlantic region, which saw prices jump by 3.1 cents for the week. The Rocky Mountain region actually saw a small drop in prices during the same period, falling 1 cent.

Average regular gasoline prices were also up last week, increasing 2.8 cents to hit $2.236 at the pump. Gas prices are now nearly 20 cents higher than in the same week of 2015.

The largest increase by region was in the Midwest, where prices jumped 5.5 cents on average. On the West Coast, prices fell by 1.5 cents during the same period.

Crude oil prices are at some of the highest levels since mid-2015 as global markets react to a deal between oil producing countries to freeze or cut production outputs, according to a MarketWatch report.

The deal was made to stabilize and improve an oil market that had been at some of the lowest levels in years. Weaker global demand caused by a slow global economy created an oversupply of crude oil,which drove prices downward.

In November, OPEC finally reached an agreement to cut production and, in recent days, 11 other oil producing countries have agreed to follow suit.

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