The average U.S. cost of on-highway diesel has increased for the third straight week since hitting a five yearlow early this month, according to the U.S. Energy Department.
It’s up 3.5 cents over the past week to $2.90 per gallon while over the last three weeks it has gained nearly 7 cents. The price is still $1.117 less when compared to this week in 2014.
Diesel prices increased in all parts of the country over the past week except in the Rocky Mountain region, where it fell 0.8 cent for an average of $2.762, also the least expensive region.
Price increases range from 1.2 cent from last week in the Lower Atlantic and Gulf Coast parts of the country, averaging $2.853 and $2.795, respectively, to 8.9 cents in New England for an average of $3.173, also the highest priced section in the U.S.
The department also reported the average cost of regular grade gasoline has increased for the fourth consecutive week, hitting $2.332 per gallon.
Over the past four weeks gasoline has increased nearly 29 cents per gallon but is still $1.112 less than compared to a year ago.
Prices are up in all the different parts of the country over the past week and range from a low of $2.041 in the Rocky Mountain region to a high of $2.758 in the West Coast region.
This happened a the price of crude oil in New York trading fell $1.36 to settle at $49.45 on Monday, and is down even more from last Tuesday’s opening price of $52.75.
According to Reuters, oil prices fell Monday as investors are worried about an oversupply of crude due in part to the weekly decline in the number of U.S. oil wells slowing over the past week.
Lower oil prices over the past week have also come despite home heating oil prices gaining about 6% for the second straight trading day on Monday, due to cold weather in parts of the country, and the largest U.S. refinery strike in 35 years.
The more than 50% drop in oil prices since last June has been responsible for the big dip in fuel prices. On Monday there were increasing calls by some OPEC oil cartel member nations to call an emergency meeting of the organization within the next few weeks if prices slip further. Previous attempts by OPEC nations to do something about falling oil prices have been rebuffed by Saudi Arabia.
Originally posted on Trucking Info