LITTLE ROCK — The price of diesel has risen 22.6 cents nationally in the past week and stands at $5.518 per gallon as of May 9.
The national average price of gasoline has risen 13.6 cents per gallon in the last week, averaging $4.31/g today. The national average is up 19.6 cents per gallon from a month ago and stands $1.36/g higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.
“Gasoline and diesel prices alike saw strong upward momentum last week as oil prices continued to climb after the EU signaled its desire to sanction Russian oil,” Patrick De Haan, head of petroleum analysis at GasBuddy, said. “In addition, U.S. petroleum inventories saw yet another weekly decline as we near the start of summer driving season.”
AAA reports that California has the highest diesel prices in the country right now at an average of $6.508 per gallon. AAA reported that the lowest average prices on Monday were in Wisconsin at $5.118 per gallon.
During the second week of May 2021, diesel prices averaged $3.186 nationally, according to the U.S. Energy Information Administration. Compared to today’s prices, that’s an increase of nearly 57% over the previous year.
“Not only are diesel prices at a record high, they are at their largest differential to gasoline on record, surpassing the 98-cent difference in 2008 and currently standing at a $1.20 per gallon premium,” De Haan said. “While motorists filling with gasoline have seen a slight rise in prices, diesel’s surge will be a double whammy as diesel prices will soon be passed along to retail channels, further pushing up the cost of goods.
Joseph Price has been a journalist for almost two decades. He began in community media in 2005 and has since worked at media outlets in Virginia and Arkansas. He is also a commercial drone pilot and video editor. He hosts a weekly community radio show focused on goth, metal and industrial music that airs Wednesday evenings at 6 p.m. at www.kuhsradio.org.