Weekly diesel average hits highest level since June 2015
On the heels of a 2.2-cent increase last week, the average price per gallon on diesel this week saw another increase this week, according to data issued by the Department of Energy’s Energy Information Administration (EIA).
With a 6.3-cent increase, the average price per gallon now stands at $2.882 per gallon.
This week’s average now stands as the highest weekly price going back to the week of June 15, 2015, when it was at $2.87, and it also continues a recent stretch of weekly increases of 2.2 cents, 1 cent, and 0.4 cents over the previous three weeks.
On an annual basis, the average price per gallon is up 41.2 cents, easily topping last week’s 34-cent annual spread.
The average price per barrel of WTI crude saw a significant jump up to $57.35, ahead of last week’s average of $54.15.
Reuters reported that the primary driver for the jump in prices stems from a crackdown on corruption by Saudi Arabia’s crown prince which led to arrests of royals, ministers and investors, including prominent billionaire investor Alwaleed bin Talal.
The report stated that Prince Mohammed’s reforms include a plan to list parts of state-owned oil company Saudi Aramco next year, with higher oil prices seen as beneficial for the market capitalization of the future listed company.
