Following several weeks of significant sequential increases, the national average price per gallon of diesel gasoline headed up again, for the week of March 22, albeit at a much smaller pace, according to data issued this week by the Department of Energy’s Energy Information Administration (EIA).
The national average price per gallon—at $3.194—eked out a $0.03-cent increase, following a 4.8-cent increase, to $3.191, for the week of March 15, topping the $3 per gallon mark for the fourth week in a row. This increase was trailed the 7.1-cent increase, for the week of March 8, which climbed 7.1-cents, to $3.072, 9.7-cent gain, for the week of February 22, at $2.973 per gallon. This outpaced 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.
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.
Going back to the week of November 9, which kicked off this 18-week stretch of increases, the national average has headed up a cumulative 74.7 cents. And prior to the week of March 1, the national average had been below the $3 per gallon mark since the week of February 2, 2020, when it posted an average of $2.956. And prior to the week of March 1, the national average had 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 53.5cents.
West Texas Intermediate Crude oil is currently trading at $59.06 on the New York Mercantile Exchange.
In its Short-Term Energy Outlook, the EIA is pegging the average price per gallon of diesel to come in at $2.88 in 2021, with 2022 forecasted at $2.87. For WTI Crude, it is calling for the 2021 average to be $57.24, with 2022 at $54.75.