Diesel average rises for the fourth consecutive week, reports EIA

The national average price per gallon for diesel gasoline saw an increase for the fourth consecutive week, according to data issued this week by the Department of Energy’s Energy Information Administration (EIA).

For the week of May 24, the national average came in at $3.253 per gallon, edging out the week of May 17 by $0.004 cents and also topping the weeks ending May 10, and May 3,  at $3.186 per gallon and $3.142 per gallon, respectively.

That was preceded by back-to-back readings of $3.124, for the weeks of April 19 and April 26, respectively. Prior to that, it slipped 1.5-cents, to $3.129, for the week of April 12, and a 1.7-cent decrease, to $3.144, for the week of April 5, and a 3.3-cent decrease, to $3.161, for the week of March 29. And prior to the last seven weeks, the national diesel average headed up for 20 consecutive weeks. Even though the national average declined, it topped the $3 per gallon mark for the twelfth 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 $65.97 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 $2.88 in 2021, with 2022 forecasted at $2.87. For WTI Crude, it is calling for the 2021 average to be $57.24, with 2022 at $54.75.