Diesel, Oil Prices Drop Slightly

The price of diesel dropped by 1.3 cents in the past week, according to weekly figures from the U.S. Department of Energy.

The U.S. Energy Information Administration reports that the average price of retail on-highway diesel Monday was $3.171. That's down 1.3 cents from the previous week and 38.4 cents higher than the price a year ago.

The highest prices were seen in the West Coast region at $3.316, followed by the Central Atlantic region at $3.293. The lowest average prices were reported in the Gulf Coast region, at $3.087.

Crude oil futures were also down Monday on the New York Mercantile Exchange, ending the day slightly lower at $81.74. Reasons for the drop include the value of the dollar strengthening as the value of the euro fell.

A Saudi oil industry official told Reuters that oil at $80 per barrel was a good price under current market conditions.