A fifth consecutive increase in the price of diesel has pushed fuel prices to a level not seen the summer of 2015, and the demand for winter heating fuel along with planned global crude oil production cuts mean diesel prices could continue to rise.
The average U.S. retail pump price for diesel climbed 4.6 cents in the Jan. 2 report by the Energy Information Administration (EIA), to $2.586 per gallon. That’s 37.5 cents higher than a year ago and the highest price since the Aug. 17, 2015 report.
Prices were up in every region, including almost more than a nickel, on average, on the East Coast, coming in at $2.665 in New England, $2.776 in the Central Atlantic, and $2.514 in the Lower Atlantic.
The Midwest posted a gain of 5.1 cents ($2.54), and diesel was up 1.9 cents in the Rocky Mountains ($2.535).
On the West Coast, less California, diesel registered a 3-cent increase to $2.757. In California, the price rose 5 cents to $2.921, the highest price in the lower 48 states.
Diesel on the Gulf Coast was up 3 cents to $2.451—still the lowest price for a gallon in the country.
The national average price for gasoline rose 6.8 cents for the week, to $2.377. That’s 34.9 cents higher than last year.
To put upward pressure on oil prices, the Organization of the Petroleum Exporting Countries (OPEC) is expected to slash production and reduce the global oversupply of crude that has persisted for nearly two years.