National diesel average sets another new record, reports EIA

By LM Staff · May 10, 2022

The weekly average saw an 11.4-cent increase, to $5.623. This follows a 3.49-cent increase, to $5.509, for the week of May 2.

The average price per gallon of diesel gasoline saw another week of increase, according to data issued this week by the Department of Energy’s Energy Information Administration (EIA), for the week of May 9, marks another new record-high.

The weekly average saw an 11.4-cent increase, to $5.623. This follows a: 3.49-cent increase, to $5.509, for the week of May 2, a 5.9-cent increase, to $5.160, for the week of April 25, a 2.80-cent increase, to $5.101, for the week of April 18, a 7.1-cent decline, to $5.0753, for the week of April 11, and a 4.1-cent decline, to $5.144, for the week of April 4. Prior to that, the national average was up $5.1 cents, for the week of March 28, to $5.185 per gallon, preceded by an 11.6-cent decline, to $5.134, for the week of March 21.

What’s more, prior to the last seven weeks, the national average price per gallon had seen ten consecutive weeks of gains—from the week of January 10, at $3.657, to the week of March 14, at $5.25, for a cumulative $1.593 gain over that period. And over the last eight weeks, the national average has topped the $5 per gallon mark, with the week of March 14 representing the first time ever the national average was above the $5 per gallon mark.

On an annual basis, this week’s national average is up $2.437, topping the last three weeks, which saw annual spreads of $2.367, $2.036, and $1.977, respectively.

West Texas Intermediate Crude oil is currently trading at $102.37 on the New York Mercantile Exchange.

Even though President Biden recently signaled the nation’s intent to produce one million additional barrels, from the nation’s Strategic Petroleum Reserve (SPR), on average—every day—for the next six months, due to the significant run-up in gas and oil prices since the beginning of the Russia-Ukraine conflict, with freight transportation and supply chain stakeholders, as well as consumers, feeling tremendous pain at the pump, oil and gas prices appear to be holding steady, for the most part, at the moment.

A recent survey from AAA showed that diesel prices have set new daily average records over the last week and a half. What’s more, EIA data showed that East Coast diesel inventories are far below typical levels.

Driving the decline in inventories is increased demand following the pandemic, as supply remains tight, according to a CNBC report, with these record-level prices adding to inflationary concerns.



“Diesel is the fuel that powers the economy,” said Patrick De Haan, head of petroleum analysis at GasBuddy, in the report. Higher prices are “certainly going to translate into more expensive goods,” he said, since these higher fuel costs will be passed along to consumers. “Especially at the grocery store, the hardware store, anywhere you shop.”