Fuel Smarts

Not Much Activity in Diesel Prices, OPEC Teases Crude Deal

September 26, 2016

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Source: EIA
Source: EIA

The price of diesel fuel fell slightly last week, continuing a 5-week streak of nearly flat prices, according to the latest numbers from the Energy Department.

The average price on-highway diesel fuel in the U.S. fell by 0.7 cents last week, hitting a per gallon price of $2.382 at the pump. The price is still 9.4 cents cheaper than it was in the same week of 2015.

While the overall price was slightly down, prices fluctuated up and down based on the region with the largest decrease coming to the Rocky Mountain region at 1.5 cents. The largest increase in prices was a 0.4-cent increase in the Central Atlantic region.

The average price of regular gasoline was also essentially flat for the week, dropping by 0.1 cents to a per gallon price of $2.224. The price is 9.8 cents cheaper than it was a year ago.

Prices were more varied from region to region with the largest decrease in prices coming to the Rocky Mountains at 1.9 cents. The largest increase in prices hit the Central Atlantic region at 1.4 cents.

Crude oil prices were up on Sept. 26 as there were more indications that a deal to scale back or freeze oil production may be a possibility, according to a Wall Street Journal report.

The same rumor of OPEC member countries making moves to stabilize and improve crude oil prices has had an up and down effect on the market. This week, the United Arab Emirates oil minister supported a deal publically and indicated that his country would support limits on production.

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