They had to go up sometime. Since May 30, when diesel jumped 3.2 cents a gallon to $2.571, diesel prices have been spiraling downward, but the Monday before July 4 they inched up 7 tenths of a penny to $2.472, the Energy Information Administration (EIA) reported.
EIA’s Rocky Mountain sector was the only place that truckers saw diesel prices go down, and that was only by a marginal 7 tenths of a cent to $2.585 compared with $2.592 the week before.
The Midwest region saw prices go up the most, but that was only by 1.7 cents a gallon to $2.403 compared with $2.386 the week before.
The Midwest is still the cheapest place to buy diesel, while California, where diesel is selling for $2.866 a gallon, is the most expensive. However, diesel there only went up 3 tenths of a cent.
For details on diesel prices by region, click here.
Better-than-expected auto sales and a strong report on U.S. factories boosted stocks and rallied oil prices on Monday, The Associated Press reported.
Benchmark U.S. crude gained 73 cents, or 1.6 percent, to $46.77 a barrel in New York, its eighth gain in a row. Brent crude, used to price international oils, rose 62 cents, or 1.3 percent, to $49.39 a barrel in London.
Before their recent winning streak, crude prices had reached their lowest levels of the year, so it’s not hard to see why diesel prices had lagged.