After its largest annual weekly increase in nearly two years last week, the average price per gallon of diesel gasoline saw an even higher increase, for the week of June 23, according to data issued today by the Department of Energy’s Energy Information Administration (EIA).
Rising 20.4 cents, the national average came in at $3.775, following a 10.0-cent increase, to $3.571, for the week of June 16, which, at that time, represented the largest weekly increase since the week ending August 1, 2023, when the national diesel average jumped 22.2 cents to $4.127. The national average, for the week of June 9, at $3.471, rose $0.02, with the gains over the last three weeks up a cumulative 32.4 cents
Various reports have noted that the air attacks between Israel and Iran are impacting energy prices in various ways, including Iran threatening to block the Strait of Hormuz, through which roughly 20% of global oil and also refined products flow on a daily basis, coupled with the potential for this to occur bringing about a risk premium on oil, among other factors.
Prior to the significant gains seen over the last three weeks, the national average fell 3.6 cents to $3.451, for the week of June 2, and a 4.9-cent decrease, to $3.487, for the week of May 26. This followed a 6.0-cent decline, to $3.536, for the week of May 19, following a 2.1-cent decline, to $3.476, for the week of May 12, a 1.7-cent decline, to $3.497, for the week of May 5. This was preceded by a 2.0-cent decline, for the week of April 28, following a 4.5-cent decline, to $3.534, for the week of April 21, and a 6.0-cent decline, to $3.579, for the week of April 14.
On an annual basis, the national average is up $0.006, marking the first time the weekly average has seen an annual increase since the week of May 15, 2024, when it increased $0.02.
WTI crude is currently trading at $65.01 on the New York Mercantile Exchange.
