Diesel prices see gains for the seventh straight week
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The Department of Energy’s Energy Information Administration (EIA) reported this week that the average price per gallon of diesel gasoline increased for the seventh consecutive week.
With a 1.7-cent increase, the average price per gallon is now at $2.598 and is up 28.8 cents compared to the same week last year.
Over the past six weeks, diesel has headed up by a cumulative 13.3 cents.
West Texas Intermediate crude oil is currently trading at $47.20 on the New York Mercantile Exchange. MarketWatch reported that with concerns over rising crude output from OPEC members and U.S. shale-oil producers, WTI crude is at its lowest price in three weeks.
The EIA’s Short-Term Energy Outlook is calling for WTI crude to average $48.95 in 2017 and $49.58 in 2018, with diesel pegged at $2.59 per gallon on 2017 and $2.71 per gallon in 2018.
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