National diesel average sees small gain, tops $3 per gallon mark for fourth straight week

Following several weeks of significant sequential increases, the national average price per gallon of diesel gasoline headed up again, for the week of March 22, albeit at a much smaller pace, according to data issued this week by the Department of Energy’s Energy Information Administration (EIA).

The national average price per gallon—at $3.194—eked out a $0.03-cent increase, following a 4.8-cent increase, to $3.191, for the week of March 15, topping the $3 per gallon mark for the fourth week in a row. This increase was trailed the 7.1-cent increase, for the week of March 8, which climbed 7.1-cents, to $3.072, 9.7-cent gain, for the week of February 22, at $2.973 per gallon. This outpaced the 7.5-cent increase, to $2.876 per gallon, for the week of February 15, and the 6.3-cent increase to $2.801, for the week of February 8.

Prior to the week of February 8, the most recent high, for a weekly national average, was from the week of March 9, 2020, when it came in at $2.814, right before the COVID-19 pandemic took hold.

Going back to the week of November 9, which kicked off this 18-week stretch of increases, the national average has headed up a cumulative 74.7 cents. And prior to 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. And prior to 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. 

On an annual basis, this week’s national average is up 53.5cents.

West Texas Intermediate Crude oil is currently trading at $59.06 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.