Diesel Prices Continue to Drop, Despite Higher Crude Prices
March 16, 2009
Diesel prices continue to fall, and have dropped below the $2-mark in many areas of the country, even as crude oil prices are now up closer to the $50 a barrel mark.
The national average price of a gallon of diesel now stands at $2.017, according to a weekly report from the U.S. Energy Information Administration. That's down 2.8 cents from a week ago and $1.957 lower than it was a year ago.
The highest prices were found in the New England region, where you'll still pay $2.254 for a gallon of diesel. The lowest prices were seen in the Midwest, at $1.965.
Crude oil futures ended the day Monday up about $1 a barrel on the New York Mercantile Exchange to $47.35 a barrel.
OPEC Sunday decided against cutting production quotas, led by Saudi America, which believes it's more important to stick to current quotes than to make additional supply cuts, according to published reports. OPEC says compliance in February was 79 percent.