Oil prices up for the week, diesel dips to $3.95

| Tuesday, May 31, 2011

Oil prices were headed back up during Tuesday trading on the New York Mercantile Exchange. June futures for light sweet crude were trading at $102.93 a barrel at midday, up about $2.34 overnight. Meanwhile, the price of diesel was down 5 cents a gallon to $3.948 for the week ending Monday, May 30.

The U.S. Energy Information Administration reported decreases in the price of diesel in each of its nine regions. In the Rocky Mountain region, for example, the diesel average was down 8.1 cents to $4.020 on Monday. The cheapest fuel by region is the Gulf Coast with an average of $3.884 per gallon.

Following are the average fuel prices by region as reported by the EIA:

U.S. – $3.948, down 4.9 cents
East Coast – $3.962, down 4.9 cents
New England – $4.121, down 4 cents
Central Atlantic – $4.082, down 5.6 cents
Lower Atlantic – $3.897, down 4.6 cents
Midwest – $3.896, down 4.6 cents
Gulf Coast – $3.884, down 5.1 cents
Rocky Mountain – $4.020, down 8.1 cents
West Coast – $4.161, down 4 cents
California – $4.227, down 6 cents

The EIA’s weekly numbers were reported on Tuesday following the Memorial Day holiday.

ProMiles is showing fuel prices a bit higher than the EIA. ProMiles reported Tuesday’s national average at $3.978 per gallon, down a fraction overnight. Washington state had the highest tax-included price Monday at $4.353, followed by Connecticut at $4.309.

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