Diesel Jumps 4.9 Cents to $3.116 per Gallon

The national average retail price of diesel jumped 4.9 cents to $3.116 per gallon in the week ending Nov. 8, according to the U.S. Energy Information Administration, the highest price since this year’s peak on May 10, when diesel hit a national average of $3.127 per gallon.

Current conditions indicate the likelihood of further price increases in the near term, with 2011 prices averaging $3.19, the EIA said. “While U.S. gasoline inventories remain at relatively high levels, stocks have fallen in 5 out of the last 6 weeks, largely driven by a sharp and continuous decline on the East Coast over the same period,” said EIA. 

By The Numbers: U.S. Diesel Prices.

Declining levels of supply are partly due to higher than average planned domestic refinery outages on the East Coast in September and October. Imports from Europe and Canada also fell during the last two months, EIA said.

The largest increase was 5.8 cents in the Rocky Mountains to $3.199 per gallon, according to EIA figures.

The highest prices were on the West Coast, where this week prices increased the smallest amount. Diesel went up 3.1 cents to $3.273 per gallon on average throughout the West. In California, diesel increased 4.2 cents to $3.279 per gallon, the highest price there since October 2008.

The nation’s lowest diesel prices were on the Gulf Coast, where diesel sold for $3.03 per gallon, up 4.8 cents from the previous week.

-- Contact Thomas L. Gallagher at tgallagher@joc.com.