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Diesel Prices Keep Climbing: 9th Straight Week of Increases

Diesel Prices Keep Climbing: 9th Straight Week of Increases

The national average for diesel fuel prices has been on a steady climb, marking the ninth consecutive week of rising costs. The latest data from the Department of Energy’s Energy Information Administration (EIA) shows that, for the week ending September 18, the national average increased by 9.3 cents per gallon, reaching $4.633 per gallon.

This upward trend began with a 4.8-cent increase during the week of September 11, when prices hit $4.50 per gallon. Prior to that, there was a 1.7-cent increase for the week of September 4, bringing prices to $4.492 per gallon.

Before these recent hikes, we saw an 8.6-cent increase to $4.475 for the week of August 28, a modest 1.1-cent increase to $4.389 per gallon for the week of August 21, and a more significant 13.9-cent increase to $4.378 for the week of August 14. Before that, there was an 11.2-cent gain to $4.239 per gallon for the week of August 7.

The most substantial spike occurred during the week of July 31, with a 22.2-cent increase, marking the largest weekly gain since March 14, 2022, when prices shot up by 40.1 cents. The week of July 24 saw a 9.9-cent increase, pushing prices to $3.905 per gallon, representing the third-largest weekly surge since March 14, 2022.

Throughout these nine weeks of increases, the national average has risen by a total of 87.2 cents. The last time we witnessed a decrease was a 3.9-cent drop during the week of July 10.

Before this prolonged upward trend, there were two weeks of stability with flat national averages at $3.806 for the weeks of July 7 and July 14. A 3.4-cent decrease took place during the week of July 3, bringing prices to $3.767 per gallon.

While the national average is down 33.1 cents compared to the previous year, the recent decreases have been smaller in magnitude, with drops of 49.3 cents and 59.2 cents over the previous two weeks, respectively. As of now, WTI crude oil is trading at $92.87 on the New York Mercantile Exchange, up from $89.14 during the same period last week.