U.S. diesel price climbs 3.7 cents to $3.345

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The national average retail price of a gallon of diesel climbed 3.7 cents from last week to $3.345 for the week ending Monday, Dec. 31. The new price is 76.5 cents higher than the same week last year, according to the U.S. Department of Energy. The average price now has been above $3 for a record 15 consecutive weeks.

All eight regions tracked by DOE saw price increases. The largest increase, 5.3 cents, was in the Lower Atlantic region, where prices climbed to $3.328. The smallest increase, 0.1 cent, was in the Rocky Mountain region, where prices rose to $3.269, which the nation’s cheapest diesel by region. The nation’s most expensive diesel, $3.60, was in the New England region, where week-over-week prices climbed 1.6 cents.

Tight supply, growing demand worldwide and “heightened geopolitical risks” are to blame for the high prices of diesel and gasoline, said DOE’s Energy Information Administration.

For state-by-state diesel prices, updated daily, click here.