The U.S. average retail price of diesel increased ever so slightly the week of Feb. 4, rising to $2.966 a gallon, one-tenth of a cent higher than last week.
It was the first price increase in diesel since mid-October, but diesel today is 12 cents a gallon cheaper than it was a year ago, according to the U.S. Energy Information Administration’s weekly update.
Diesel prices had been falling steadily since reaching a peak of $3.395 a gallon during the week of Oct. 15. The price dropped 14 straight weeks and then remained flat at $2.965 per gallon last week. Strong world supplies of crude oil, mixed with concerns that the global economy would slow down, have helped reduce oil and diesel prices.