The party is at least temporarily over for both diesel and gasoline prices, though both the fuels are $1.762 and $1.10, respectively, below their per-gallon levels a year ago. The U.S. average for diesel surged 3.9 cents the week of July 10 while gas rose 1.9 cents per gallon, and both where higher in most regions of the country, according to the latest federal government data.
Motor club AAA on the morning of July 11 had diesel flat from the week before, settling exactly as it did on the July 4 holiday at $3.843 per gallon.
However, Monday’s release of the latest U.S. Energy Information Administration (EIA) information marked not only a 3.9-cent increase but also the 10th straight week of diesel below $4 per gallon. It had dropped 3.4 cents the week of July 3, according to EIA data.
Diesel increases in every region but one
Diesel prices rose for the week of July 10 in every major region that EIA monitors except one, the Rocky Mountain region, where the fuel fell 1.1 cents to an average of $3.939 per gallon.
Diesel was up this week in some places substantially more than the U.S. average. On the West Coast—usually the most expensive place for diesel in the country, where the fuel is still well above $4—the fuel rose 4.8 cents to $4.460 per gallon. Along the East Coast, the fuel rose the week of July 10 almost as much, 4.7 cents to $3.858. Two regions in the East, New England and the Central Atlantic, are above $4.
See also: Roeth: Don't be a slave to fuel prices
EIA also measured nearly identical increases in the Midwest and the Gulf Coast, 3.8 cents and 3.7 cents, respectively. In the Midwest, diesel fuel settled at $3.742 while it was significantly less along the Gulf Coast, $3.505 per gallon, which is the cheapest region in the U.S. for the fuel.
Oil prices and bullish sentiment have been rising slowly in recent weeks on Saudi Arabia’s pledge to cut supply and Russia’s promises to trim its oil exports. Still, August and September 2023 contracts on West Texas Intermediate and Brent crude are floating well below $80 per barrel and the high levels of last year. On July 11, WTI and Brent were $73.34 and $78.01, respectively, both up about 35 cents.
