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Diesel Price Rises 10¢ to $3.571 a Gallon
The national average price of diesel has increased by 10 cents, bringing it to $3.571 per gallon, primarily attributed to rising tensions in the Middle East impacting Iranian oil supply. Despite this increase, diesel is currently 16.4 cents cheaper than it was this time last year. This uptick marks the second consecutive week of rising prices after a previous streak of seven declines over eight weeks since early April, with this being the largest weekly increase since late May.
Regionally, all five Petroleum Administration for Defense Districts (PADDs) reported higher diesel prices, with the most significant increases observed in the Midwest and Gulf Coast at 10.8 cents and 10.3 cents respectively, while the West Coast and Lower Atlantic saw gains of 13.8 cents and 13.3 cents.
In terms of gasoline, the national average price rose by 3.1 cents to $3.319, which is 29.6 cents lower compared to last year.
Expert opinion suggests that fluctuations in diesel prices can have a ripple effect throughout the supply chain, impacting transportation costs and ultimately consumer prices for goods. Higher diesel costs often lead transportation companies to pass those expenses along to consumers, making it crucial to monitor these price trends. Additionally, the geopolitical landscape continues to play a significant role in oil price volatility, emphasizing the need for energy diversification and alternative fuel investments in the transportation sector to mitigate these impacts.
Regionally, all five Petroleum Administration for Defense Districts (PADDs) reported higher diesel prices, with the most significant increases observed in the Midwest and Gulf Coast at 10.8 cents and 10.3 cents respectively, while the West Coast and Lower Atlantic saw gains of 13.8 cents and 13.3 cents.
In terms of gasoline, the national average price rose by 3.1 cents to $3.319, which is 29.6 cents lower compared to last year.
Expert opinion suggests that fluctuations in diesel prices can have a ripple effect throughout the supply chain, impacting transportation costs and ultimately consumer prices for goods. Higher diesel costs often lead transportation companies to pass those expenses along to consumers, making it crucial to monitor these price trends. Additionally, the geopolitical landscape continues to play a significant role in oil price volatility, emphasizing the need for energy diversification and alternative fuel investments in the transportation sector to mitigate these impacts.
Vehicle Guru