Another Big Diesel Rise
Largest weekly jump in a long time in reaction to Middle East jitters is not expected to hold.
National Observations
- Diesel continued to rise sharply last week in response to the Iran/Israeli conflict. The national average pump price was up over 20 cents/gallon.
- The average price of $3.775 was the highest level since July 22, 2024. You'd have to go a lot further back to find a comparable two-week increase of 30 cents/gallon.
- Despite the sharp rise, most analysts see it as a temporary bubble. Easing war tensions and a solid US domestic supply of oil has already pushed crude oil futures down and will filter down to diesel prices also.
Regional Trends
| Region | Last Week | Weekly Change | |
|---|---|---|---|
| 🗽 East Coast | $3.790 | +$0.169 | |
| 🌾 Midwest | $3.777 | +$0.24 | |
| 🌞 Gulf Coast | $3.436 | +$0.224 | |
| 🏔️ Rocky Mountain | $3.689 | +$0.141 | |
| 🌅 West Coast (not CA) | $4.082 | +$0.18 | |
| 🏄♀️ California | $4.893 | +$0.112 |
Regional Observations
- The biggest regional increases last week were in the Midwest and Gulf Coast areas. Diesel has increased a whopping 34.6 cents/gallon in the Midwest over the past two weeks. It's up 32.7 cents in the Gulf Coast area over the same period.
- The smallest increase was in California for the second week in a row. Prices in the Golden State have only increased 15.4 cents/gallon over the past two weeks, less than half of the jump seen in the Midwest and South.
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