The national average price of diesel gasoline increased for the second week in a row, according to data issued today by the Department of Energy’s Energy Information Administration (EIA).
With a 3.2-cent increase, the national average, for the week of September 8, came in at $3.766. following a 2.6-cent increase, to $3.734, for the week of September 1, and hitting its highest weekly average since the week of July 28, at $3.805. Which was preceded by 0.005-cent decline, to $3.708, for the week of August 25. Which was preceded by 4.1-cent decline, to $3.713, for the week of August 18, a 4.6-cent decline, to $3.754, for the week of August 11, a 0.005-cent decline, to $3.800, for the week of August 4, and a 0.007-cent decrease, to $3.805, for the week of July 28.
Those four weeks of declines were preceded by a 5.4-cent increase, to $3.812, for the week of July 21, a 1.9-cent increase, to $3.758, for the week of July 14, a 1.2-cent increase, to $3.739, for the week of July 7, and a 4.8-cent decline, to $3.727, for the week of June 30.
On an annual basis, the national average increased 21.1 cents, topping the 10.9-cent increase, for the week of September 1. WTI crude is currently trading at $63.09 on the New York Mercantile Exchange, down from $64.50 a week ago at this time. Â
A recent New York Times report stated that a group of eight oil producing countries, led by Saudi Arabia, is going to increase production by 137,000 barrels per day, effective in October.
“Although the new planned increase amounts only to a fraction of a percent of global supply, it sends a strong signal that the producers have shifted to a new approach after restraining production in recent years,” the report said.
