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Diesel Prices Fall by Nearly 3 Cents

November 14, 2016

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Source: EIA
Source: EIA

The price of diesel fuel in the U.S. fell by nearly 3 cents last week after staying essentially flat for over a month, according to the latest numbers from the Energy Department.

The average price of on-highway diesel fuel fell by 2.7 cents last week, bringing the price down to $2.443 per gallon. Compared to the same week in 2015, the price is 3.9 cents cheaper.

Unlike previous weeks, which saw a mix of trends increasing or decreasing in different parts of the country, all major regions saw a decrease in prices. The largest decrease was in the Rocky Mountain region where prices fell by 4 cents while the region with the least change was the West Coast at 0.9 cents.

Gas prices were down by an even larger margin last week with the average price of regular gasoline falling 4.9 cents from the previous week and settling at $2.184. Despite the decrease, the price of gasoline is 0.6 cents more expensive than it was in the same week a year ago.

The largest decrease in prices by region was in the Midwest, where prices fell by 8.8 cents for the week. The smallest decrease was in the Central Atlantic region where prices only fell by 1.4 cents over the same period.

Crude oil prices were down to near quarterly lows on Nov. 14, as the market weighs the likelihood that oil supply will remain higher than demand into 2017, according to the Wall Street Journal.

Once again, the rumored deal between oil producing countries to freeze or even reduce oil production seems unlikely to happen. A global supply glut has driven prices down in the past year as demand in places like China wanes under a weaker economy.

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