Diesel prices take big step upward, increases as much as 9 cents on Gulf Coast

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On-highway diesel prices took a sharp upward turn for the week ending October 8, according to the U.S. Energy Information Administration (EIA). The average price nationwide climbed by $0.072 to $3.385. It’s the largest weekly gain since September 4, 2017, when diesel shot up 14.2 cents.

As they did the week before, diesel prices rose in every region across the country this past week, but to considerably different degrees from one region to the next. The Gulf Coast region, which has enjoyed the lowest diesel prices in the nation, experienced the largest gain this week, rising a full 9 cents to $3.169 per gallon, still the lowest of any region in the country.

The Rocky Mountain region saw the smallest increase over the past week, $0.023, to end the week at $3.390, which is higher than any region to its east but lower than the West Coast.

The price jumps were uneven on the East Coast, with prices rising in the New England region by a relatively low $0.039, compared to jumps of $0.084 and $0.063 in the Central and Lower Atlantic regions, respectively. Cumulatively, diesel rose $0.068 on the East Coast, to an average price of $3.360 per gallon.

The jump was almost as high on the West Coast, where prices were up $0.064 overall. California got the worst of it, a jump of $0.073, to finish the week at $4.111, by far the highest in the country. Overall, the West Coast, diesel is now running $3.886 per gallon.

 

Nationwide, the price of diesel is currently $0.609 higher than it was a year ago.

California has experienced the largest year-to-year gain, at $0.945, and every region has now seen gas prices increase by more than 50 cents per gallon from this time last year.

Oil futures rose Oct. 9, on signs that Iranian crude exports are falling ahead of reimposed sanctions by the U.S. and anticipation of Hurricane Michael as it gained strength headed toward the Gulf of Mexico.

U.S. benchmark crude was up by 67 cents to close at $74.96 a barrel, while Brent crude climbed by $1.09, or 1.3 percent, to $85.00 per barrel.

Click here for a complete list of average prices by region for the past three weeks.

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