Fuel Smarts

Brexit Drops Crude Oil, Diesel Prices Flat

June 27, 2016

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Source: EIA
Source: EIA

The price of diesel fuel remained unchanged last week, but things could be changing soon as United Kingdom’s vote to leave the European Union has affected global energy prices.

The price of on-highway diesel fuel was flat compared to the previous week, according to Monday's report from the U.S. Energy Department, remaining at an average of $2.426 per gallon. The price is still 41.7 cents cheaper than it was in the same week last year.

Regionally, prices fluctuated by small amounts both up and down depending on region. The largest drop in prices was in the Gulf Coast at 1.1 cents, while the largest increase in prices was in the Rocky Mountain region at 1.6 cents.

The average price of regular gasoline dropped by 2.4 cents last week, settling at $2.329 per gallon. The price is 47.2 cents cheaper than it was a year ago. The largest decrease in prices was a 7.9-cent drop in the Midwest. The West Coast saw the largest increase in prices at 4.4 cents.

The market is still reeling from uncertainty in the wake of the United Kingdom’s exit from the European Union, commonly known as the Brexit. Crude oil prices fell to their lowest level in seven weeks in trading on June 27, according to a MarketWatch report.

A stronger U.S. dollar and Japanese Yen have contributed to the price drops, but many analysts believe that the price of crude oil will be affected by the UK vote, nicknamed the Brexit, only in the near term.

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