The cost of diesel has surged significantly in the past two weeks, demonstrating that the previous week’s price increase was not a mere coincidence. According to the Energy Information Administration’s data released on July 31, the national average diesel price has climbed by a substantial 22.2 cents, reaching a new height of $4.127 per gallon.
This latest surge marks the largest weekly increase in diesel prices since March 14, 2022, when there was a notable 40.1-cent burst. Over the course of the past two weeks, the average diesel price has risen by 32.1 cents. Interestingly, this is the first time in a while that diesel prices have risen consecutively for two weeks, the last instance being on January 23 and January 30, with a total increase of 9.8 cents during that period.
Comparing the current diesel prices to a year ago, there has been a substantial decrease of $1.011 per gallon on average. Despite the surge being widespread, there are some regional variations. In the EIA’s weekly survey, the average diesel price increased in all 10 regions, with the Midwest experiencing the highest jump of 29.1 cents and New England having the smallest increase of 6.1 cents.
In addition to diesel, gasoline prices also saw a noticeable spike in the national average. Gasoline prices rose by 16.1 cents to settle at $3.757 per gallon.
U.S. On-Highway Diesel Fuel Prices
