Diesel average sees another strong increase, for the week of October 4, reports EIA

The national average price per gallon of diesel gasoline saw a significant increase, for the week of October 4, according to data issued this week by the Department of Energy’s Energy Information Administration (EIA).

Rising 7.1 cents, the national average came in at $3.477 per gallon, which represents its highest weekly increase since the week of March 8, when it also headed up 7.1 cents. And it marks the highest weekly since the week of December 8, 2014, when it came in at $3.535 per gallon.

This tally followed a 2.1-cent increase, to $3.406, for the week of September 27, which followed 1.3-cent increase, to $3.385, which came on the heels of a 0.001-cent decrease, to $3.372, for the week ending September 13, and a 3.4-cent gain, to $3.373, for the week ending September 6, and a 1.5-cent increase, to $3.339, for the week of August 30.

This activity was preceded by a 3.2-cent decline, to $3.324 per gallon, for the week of August 23, a 0.008-cent decrease, to $3.356 per gallon, for the week of August 16. That followed 0.003-cent decrease, to $3.364, for the week of August 9. Those two consecutive weeks of minimal decreases were preceded by 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 $1.09, topping the $1.021 annual spread, for the week of September 27.

The national average again topped the $3 per gallon mark for the 27th 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 $78.73 on the New York Mercantile Exchange.

The gains in gas and oil prices, in recent weeks, which a recent New York Times report noted have seen prices head up by about a quarter in the last month, are related to what the report called a looming tight market, as well as concerns about the Delta variant of the coronavirus slowing the global economic recovery.