National average price for diesel on the rise

| 8/2/2005

After a few weeks of declines, diesel prices took a slight upturn for the week ending Aug. 1, rising less than a penny to a national average of $2.348 per gallon. Even though this is a small increase, it is still more than 56 cents higher than prices for the same week in 2004.

According to the Energy Information Administration, the biggest increase was in California, where prices shot up 7.9 cents from the week before to $2.657 per gallon. The rest of the West Coast also saw a big increase, jumping 6.4 cents to $2.594 per gallon.

The only other regional increases were in the Gulf Coast and Rocky Mountain regions, which rose slightly to $2.279 per gallon and $2.421 per gallon, respectively. The Midwest remained the same at $2.292 per gallon.

Prices along the East Coast, meanwhile, dipped slightly, with the average there falling to $2.356 per gallon. New England posted a 2-cent drop to $2.488 per gallon, while the Central Atlantic region fell 1.6 cents to $2.465 per gallon. The Lower Atlantic region had a slight decrease to $2.297 per gallon.

Prices for light, sweet crude oil fell in trading on Tuesday, Aug. 2, on the New York Mercantile Exchange after reaching record highs Monday following the announcement of the death of King Fahd of Saudi Arabia.

After hitting $62.20 a barrel Monday, prices were falling Tuesday and dropped close to the $60 mark at one point.