National diesel average tops $3 per gallon mark for the first time in more than a year, reports EIA

One week after rising for the 16th consecutive week, the national average price per gallon of diesel gasoline eclipsed the $3 per gallon mark for the first time since the week of February 2, 2020—or 57 weeks ago, when the average was $3.01.

With a 9.9-cent increase, this week’s average came in at $3.072 per gallon, which was slightly above the 9.7-cent gain, for the week of February 22, at $2.973 per gallon. This outpaced the 7.5-cent increase, to $2.876 per gallon, for the week of February 15, and the 6.3-cent increase to $2.801, for the week of February 8.

Prior to the week of February 8, the most recent high, for a weekly national average, was from the week of March 9, 2020, when it came in at $2.814, right before the COVID-19 pandemic took hold.

The 6.3-cent gain, for the week of February 8, was preceded by a 2.2-cent gain, to $2.738, following recent gains of: $0.02 cents, to $2.716, for the week of January 25; 2.6 cents, to $2.696, for the week of January 18; $0.03 cents, to $2.670, for the week of January 11; a 0.005-cent increase, to $2.64, for the week of January 4; a 1.6-cent increase, to $2.635, for the week of December 28; a $.06-cent increase, to $2.619, for the week of December 21; and a 3.3-cent increase, to $2.559, for the week of $2.559.

Going back to the week of November 9, which kicked off this 17-week stretch of increases, the national average has headed up a cumulative 69.5 cents. And prior to the week of March 1, the national average had been below the $3 per gallon mark since the week of February 2, 2020, when it posted an average of $2.956. 

On an annual basis, this week’s national average is up 9.9 cents, cents, topping last week’s 9.1-cent annual increase.

West Texas Intermediate Crude oil is currently trading at $61.06 on the New York Mercantile Exchange.

In its Short-Term Energy Outlook, which was published on February 9, the EIA is pegging the average price per gallon of diesel to come in at $2.70, with 2022 forecasted at $2.77. For WTI Crude, it is calling for the 2021 average to be $50.21, with 2022 at $51.56.