Fuel Prices Trend Upward, Diesel Down 13% Since April

By Paul Riegler on 11 July 2012
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Until last week, fuel prices fell steadily from their high for the year in April.  Last week, they began to creep back up again. Gasoline is currently $3.411 a gallon, while diesel is $3.683 per gallon.

This week’s report from the U.S. Energy Information Administration showed that gasoline rose 1.6% from the previous week, and the price of diesel fuel increased nearly 1%.

The price per gallon of diesel fuel as fallen 2.6% since January and more than 11% from its peak in April, while gasoline is up 3.4% from January but down 13.4% from April.

These small prices increases are being blamed on the European sanctions imposed on Iran that began on July 1, as well as the EU’s current debt crisis and falling Euro.

It was not all bad news in the U.S., however, as gas prices in the Rocky Mountain and West Coast regions continued to drop, and diesel prices continued to plummet in New England and the Rocky Mountains. Nationwide, prices for both gasoline and diesel are down from this time last year.

A Sunoco filling station alongside the Brooklyn-Queens Expressway in New York City was selling diesel fuel  for $3.69 a gallon, while premium unleaded was $3.81.  Diesel fuel in the New York metropolitan area has typically been more expensive than premium.