World diesel prices creep back up; Canada slower to react

WASHINGTON — It was nice while it lasted, eh? After nearly six months of relief North American diesel prices are starting to climb — albeit slowly.

After falling nearly every week since they peaked last July, diesel prices in the U.S. this week took a hike back upward, with the national average price of a gallon jumping 7.3 cents to $2.09.

Prices rose in every region except New England, which had the highest price at $2.403 and remained unchanged. The lowest prices were seen in the Rocky Mountain region at $2.036. The biggest jump in price was seen in the Gulf Coast region, where the average price was up 8.7 cents per gallon to $2.060. All regions saw the average price rise back up to over the $2-a-gallon mark.

In Canada, prices have been more stable. In fact, the national average is five to seven cents lower than the beginning of February, hovering just over 80 cents a liter this week. Remote regions in Quebec, Atlantic Canada and Newfoundland can sell diesel has high as 92 cents and can be as low as 70 cents a liter in Edmonton.

Meanwhile, worldwide crude oil prices have been creeping back up as well. Oil prices rose $1.73 to finish the day at $53.80 a barrel Monday on the New York Mercantile Exchange, after briefly topping $54 a barrel during the day’s trading.

Last Friday, oil ended the week above $50 for the first time this year.

The good news? Optimists suggest that perhaps rising energy prices are a sign of a slowly recovering global economy.


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