|Diesel Rises for Second Straight Week to $2.86|
The average cost of on-highway diesel is up 3 cents from the week before to $2.865 per gallon, its second consecutive weekly increase since hitting a five-year low of $2.831 the first week of February. Compared to the same time a year ago it is $1.124 less.
The Rocky Mountain region was the only section of the country to record a price decrease from last week, rising 0.6 cent, for an average of $2.77 per gallon. It's also the least expensive region of the country.
The smallest regional hike was in the Lower Atlantic states, where it rose 1.9 cents for an average of $2.841. The largest was in the West Coast region where it picked up 7.3 cents to average $2.997 per gallon.
The highest regional price for diesel is in the New England and Central Atlantic sections of the U.S. at $3.084 per gallon, both up more than 4 cents from a week earlier.
Meantime, the average cost of regular grade gasoline recorded a bigger week-to-week increase than diesel, 8.3 cents, hitting $2.274. Compared to the same time a year earlier the price is nearly $1.11 less.
Gasoline prices increased in all regions over the past week, ranging from a low of $1.995 per gallon in the Rocky Mountain region to a high of $2.622 in the West Coast region.
Oil prices on Tuesday continued their recent rally, recovering 9% in the last three trading days, closing at $53.53 per barrel in New York trading. Political unrest in Ukraine and a broadening conflict between Egypt and the Islamic State, along with a fiery oil train derailment in West Virginia on Monday, were reportedly the reason for the recent surge. Compared to last Tuesday’s opening price crude has picked just a little more than $1 per barrel.