In The News
Diesel jumps 6.4 cents; largest hike since September 2013
WASHINGTON — The average on-highway price of a gallon of diesel jumped 6.4 cents to $2.556 for the week ending October 12, according to the Energy Information Administration of the Department of Energy.
It was the largest weekly increase since September 2, 2013, when the price jumped 6.8 cents to $3.981.
Even with the increase, the current price is $1.142 lower than one year ago.
As might well have been expected with an increase of this nature, every region of the country posted a hike for this week.
The largest jump was in the Midwest, where the price was up a whopping 14.5 cents a gallon.
Mason Hamilton, a spokesperson for the EIA, said the large hike in the Midwest could be attributed to a couple of factors.
First, he said, there is a high level of refinery maintenance under way in the Midwest, and second, this is the harvest season in that part of the country, so there is a higher demand for diesel for use in farm equipment.
The next largest increase occurred on the West Coast less California where the price was up 4.3 cents a gallon.
As for the price of oil, which heavily influences the price of diesel, benchmark U.S. crude fell 44 cents to close at $46.66 a barrel on the New York Mercantile Exchange. It's been at the mid $40 point for several weeks.
For a complete list of prices by region for the past three weeks, click here.
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