Diesel Rises Again, Up 6¢ to $2.357
The U.S. retail diesel average jumped 6 cents to $2.357, the Department of Energy said, increasing for the 13th time in 14 weeks
Diesel, however, is 55.7 cents cheaper than a year ago, when it cost $2.914.
All regions posted higher prices, DOE said after its May 23 survey of fueling stations.
The Gulf Coast had the lowest price, $2.233, despite an increase of 7.6 cents. Diesel was highest in California at $2.673.
The national average price for regular gasoline rose 5.8 cents to $2.300 a gallon, DOE’s Energy Information Administration said. Gasoline is 47.4 cents cheaper than a year ago.
Crude oil futures on the New York Mercantile Exchange closed May 23 at $48.08. They have been a climbing steadily since May 9, when crude closed at $43.44.
The rising prices come as discoveries of new oil plummet, according to Bloomberg News.
Oil discoveries have fallen to a six-decade low as explorers cut billions of dollars of spending to ride out the biggest market slump in a generation, Bloomberg News reported.
About 12.1 billion barrels of oil reserves were found in 2015, marking a fifth consecutive year of decline and the smallest volume since 1952, Oslo, Norway-based industry consultant Rystad Energy said in an e-mail to Bloomberg.
Average U.S. #diesel price climbs 6¢ to $2.357 per gallon: https://t.co/b0SMig2Wi4 #truckers #trucking pic.twitter.com/A1jPz9ibGq — Bendix (@Bendix_CVS) May 24, 2016
