Diesel prices see gains for the seventh straight week
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.
