In The News
On-highway diesel loses 3.7 cents a gallon; national average at $2.445
On-highway diesel prices fell 3.7 cents a gallon today, making the U.S. Energy Information Administration's (EIA) weekly average $2.445 a gallon compared with the $2.482 truckers were paying last week.
Diesel prices went down briefly in January 2015, went up during March, fell until April and May, when it went back up, but since then has been going more or less in a downward trajectory. More or less means when diesel went up it was only for a short time (a couple of weeks or less) before prices fell again.
Compared with a year ago, diesel is down $1.183 a gallon.
All 10 of the EIA's reporting diesel sectors had cheaper fuel than a week ago and in all sectors diesel was selling for less than $3 a gallon. No surprise that the California sector had the most expensive diesel at $2.733, while the Gulf Coast region had the cheapest at $2.280 a gallon.
News sources report that oil companies have sidelined 1,172 rigs since 2014 and that meanwhile, smaller OPEC producers like Algeria and Venezuela are disgruntled and want leading producer Saudi Arabia to limit production to force prices up.
In 2014 oil was selling at around $100 a barrel while it's now around $40 a barrel, according to CNN Money.
And OPEC is deeply divided over the situation, note CNN and Bloomberg.
Diesel, a crude oil derivative, follows what oil does in price and the downturn in oil prices is now some 400 days old.
For more details on diesel prices by region click here.
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