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February 29, 2016 4:00 PM, EST
National Diesel Average Price Rises Less Than a Cent to $1.989
John Sommers II for TT

The U.S. retail diesel average price rose for the second consecutive week, increasing 0.6 cent a gallon to $1.989, the Department of Energy reported Feb. 29.

Trucking’s main fuel is 94.7 cents a gallon cheaper than a year ago, DOE said after its survey of fueling stations.

Before the two increases, diesel had fallen 50.2 cents over 14 consecutive weeks.

Diesel rose in all regions of the United States except in the East Coast, Central Atlantic and Lower Atlantic regions. The biggest increase was in the Rocky Mountain region, where it rose 2 cents to $1.881.

The average retail price of gasoline rose to $1.783, up 5.3 cents from the prior week and 69 cents cheaper than a year ago.

Oil prices will average just over $40 a barrel this year due to subdued demand and the likelihood a tentative agreement by leading producers to freeze output will do little to drain a supply glut, a Reuters poll showed Feb. 29.

Oil prices have fallen 70% since mid-2014 due to surplus crude piling up and a decision by the Organization of the Petroleum Exporting Countries in late 2014 to refrain from cutting output to shore up prices, as it had done for decades, Reuters reported.