Diesel prices rise for third straight week, reports EIA

The average price per gallon of diesel gasoline headed up for the third straight week, according to data issued by the United States Department of Energy’s Energy Information Administration (EIA).

The average price per gallon at $2.577 rose 0.7 cents, following gains of 0.7 cents and 0.5 cents, respectively, the previous two weeks.

The last three weeks of gains for a cumulative 1.9 cents were preceded by four consecutive weeks of declines, falling a cumulative 3.9 cents during that span. And those four weeks of declines were preceded by gains over the previous six weeks, with the average price per gallon increasing a cumulative 17.7 cents from the week of November 28 to the week of January 9.

On an annual basis, the average price per gallon is up 58.8 cents.

The average price per barrel of West Texas Intermediate Crude is at $53.56 on the New York Mercantile Exchange.

A recent Reuters report said that oil prices were steady as news of lower production by OPEC and other key exporters was balanced by reports of more drilling and higher output in the United States. And it added that U.S. oil production has risen by more than 6 percent since mid-2016, though it remains 7 percent below the 2015 peak. It is back to levels reached in late 2014, when strong U.S. crude output contributed to a crash in oil prices.

In its most recent Short-Term Energy Outlook, the EIA is calling for diesel prices to average out at $2.73 in 2017 and $2.84 in 2018, with WTI crude oil pegged at $52.50 per barrel in 2017 and $55.18 in 2018.