U.S. diesel price climbs 3.1 cents to $3.376

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The national average retail price of a gallon of diesel climbed 3.1 cents from last week to $3.376 for the week ending Monday, Jan. 7. The new price is 83.9 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 16 consecutive weeks.

All eight regions tracked by DOE saw price increases. The largest increase, 4.4 cents, was in the New England region, where prices climbed to $3.644, the nation’s most expensive diesel by region. The smallest increase, 0.7 cent, was in the Rocky Mountain region, where prices rose to $3.276, the nation’s cheapest diesel by region.

Last week, the price-per-barrel of oil surpassed $100 for the first time, though it since has retreated slightly. Tight supply, growing demand worldwide and “heightened geopolitical risks” are to blame for the high prices of diesel and gasoline, according to DOE’s Energy Information Administration.

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