Diesel price jumps nearly 4 cents

Diesel prices continue to ramp up in October, according to data tracked by the Energy Information Administration (EIA), with all U.S. regions reporting hikes.

The national average for diesel increased 3.6 cents to $2.481 per gallon this week, the third consecutive increase—though the price is still 5 cents per gallon cheaper compared to the same week in 2015.

Diesel prices increased in every region of the U.S., EIA added, with the largest upticks occurring in:

• The West Coast without California included: up 4.4 cents to $2.685 per gallon (with California that changes to a 3 cent increase to $2.742 per gallon, the highest average price for diesel in the nation this week)
• The Midwest: up 4.1 cents to $2.48
• The Gulf Coast: up 4 cents to $2.357 (the lowest average price for diesel in the U.S.)
• The Central Atlantic: up 3.9 cents to $2.579

EIA also noted in its Winter Fuels Outlook that most U.S. households can expect higher heating expenditures this winter – a season the agency marks from October through March.

Winter heating expenditures for most fuels were especially low last winter, the agency said, as energy prices were relatively low and warm weather reduced heating demand to the lowest level nationally in at least 25 years.

EIA said its projections of heating demand are based on the most recent temperature forecasts from the National Oceanic and Atmospheric Administration (NOAA), which reflect weather that would be 13% colder than last winter but about 3% warmer than the previous 10-year average.

Heating oil, however, is much more common in the Northeast than in other regions of the country, EIA pointed out, and as it is made from the same crude oil distillate as diesel fuel, an uptick in demand could affect diesel prices.