The national average price per gallon of diesel gasoline headed up for the 15th consecutive week, for the week of February 22, according to data issued this week by the Department of Energy’s Energy Information Administration.
With a 9.7-cent increase, the national average came in at $2.973 per gallon, outpacing 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. What’s more, this week’s average also represents the single highest national average, for the third straight week.
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.
The 6.3-cent gain, for the week of February 8, was preceded by a 2.2-cent gain, to $2.738, following recent gains of: $0.02 cents, to $2.716, for the week of January 25; 2.6 cents, to $2.696, for the week of January 18; $0.03 cents, to $2.670, for the week of January 11; a 0.005-cent increase, to $2.64, for the week of January 4; a 1.6-cent increase, to $2.635, for the week of December 28; a $.06-cent increase, to $2.619, for the week of December 21; and a 3.3-cent increase, to $2.559, for the week of $2.559.
Going back to the week of November 9, which kicked off this 16-week stretch of increases, the national average has headed up a cumulative 59.6 cents. And the national average has 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 9.1 cents, topping last week’s 1.4-cent annual decrease.
West Texas Intermediate Crude oil is currently trading at $60.88 on the New York Mercantile Exchange.
In its Short-Term Energy Outlook, which was published on February 9, the EIA is pegging the average price per gallon of diesel to come in at $2.70, with 2022 forecasted at $2.77. For WTI Crude, it is calling for the 2021 average to be $50.21, with 2022 at $51.56.