The average price per gallon of diesel gasoline saw an increase, for the week of May 2, according to data this week issued by the Department of Energy’s Energy Information Administration (EIA).
Rising 3.49 cents, this week’s national average came in at $5.509 per gallon, following a 5.9-cent increase, to $5.160, for the week of April 25, a 2.80-cent increase, to $5.101, for the week of April 18, a 7.1-cent decline, to $5.0753, for the week of April 11, and a 4.1-cent decline, to $5.144, for the week of April 4. Prior to that, the national average was up $5.1 cents, for the week of March 28, to $5.185 per gallon, preceded by an 11.6-cent decline, to $5.134, for the week of March 21.
What’s more, prior to the last six weeks, the national average price per gallon had seen ten consecutive weeks of gains—from the week of January 10, at $3.657, to the week of March 14, at $5.25, for a cumulative $1.593 gain over that period. And over the last eight weeks, the national average has topped the $5 per gallon mark, with the week of March 14 representing the first time ever the national average was above the $5 per gallon mark.
On an annual basis, this week’s national average is up $2.367, topping the last two weeks, which saw annual spreads of $2.036 and $1.977, respectively.
West Texas Intermediate Crude oil is currently trading at $104.40, up from $100.84 a week ago at this time.
Even though President Biden recently signaled the nation’s intent to produce one million additional barrels, from the nation’s Strategic Petroleum Reserve (SPR), on average—every day—for the next six months, due to the significant run-up in gas and oil prices since the beginning of the Russia-Ukraine conflict, with freight transportation and supply chain stakeholders, as well as consumers, feeling tremendous pain at the pump, oil and gas prices appear to be holding steady, for the most part, at the moment.