For the week ending December 28, the U.S average diesel price increased by 1.6 cents from the previous week to $2.635 per gallon. This marks an increase for the 8th consecutive week and a 9-month high.
The average diesel price is still 43.4 cents below the same time last year. Facing prices that are still sharply lower than last year’s, many U.S. refiners have found their revenues are insufficient to support refining margins.
According to the Department of Energy’s Energy Information Administration, as of September 1, several U.S. refineries had closed permanently, and others had closed temporarily while they were converting into renewable diesel plants.
