Diesel average continues recent pattern of ups and downs

The national average price per gallon of diesel gasoline remained on an uneven path, for the week of August 9, according to data issued this week by the Department of Energy’s Energy Information Administration (EIA).

Falling 0.003-cents, this week’s national average came in at $3.364 per gallon. This followed a 2.5-cent increase, to $3.367, for the week of August 2, which was preceded by a 0.02-cent decline, to $3.342, for the week of July 26, the first decline it saw in 12 weeks, at the time.

Compared to the same week a year ago, this week’s national average is up 93.6 cents, trailing the 94.3-cent annual spread, for the week ending August 9.

The national average again topped the $3 per gallon mark for the 20h consecutive week, going back to the week of March 1, when it came in at $3.072 per gallon. And before the week of March 1, the national average had been below the $3 per gallon mark since the week of February 2, 2020, when it posted an average of $2.956. 

West Texas Intermediate Crude oil is currently trading at $67.56 on the New York Mercantile Exchange.

In its Short-Term Energy Outlook, the EIA is pegging the average price per gallon of diesel to come in at $2.97 in 2021, with 2022 forecasted at $2.92. For WTI Crude, it is calling for the 2021 average to be $58.91, with 2022 at $56.99.