Diesel Price at Highest Mark in More Than 3 Years

The average price of diesel in the U.S. has climbed well above $3 per gallon, with no sign of a significant decline for the rest of the year.

According to data from the U.S. Energy Information Administration, the average on-highway retail price for diesel was $3.171 per gallon as of Monday. That’s up $0.606 (24%) from May 8, 2017, when the national average was $2.565.

For 2017 overall, the average price of diesel was $2.65 per gallon. Just over two years ago, in February 2016, the fuel’s average price had fallen below $2 per gallon.

This year, the retail price of diesel has increased each week since March 19, when it was just below $3 per gallon, at $2.972.

The Energy Information Administration’s current projection shows that the average price of diesel is expected to waver within a few cents of the current price, $3.17, through the end of this year. For 2019, the agency is projecting that diesel will drop to around $3 per gallon for most of the year.

Meanwhile, the cost of gasoline has also been on the rise. The U.S. average price of regular gasoline was at $2.845 per gallon as of Monday, up $0.473 (20%) from a year earlier.