Diesel Prices Fall, Crude Oil Surges on Putin Remarks

November 21, 2016

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Source: EIA
Source: EIA

The price of diesel fuel dropped by around two cents last week, the second straight week with declines of over a cent, according to the latest numbers from the Energy Department.

The average price of on-highway diesel fuel fell 2.2 cents last week, decreasing to $2.421 per gallon at the pump. The price is slightly lower than it was forthe same week a year ago – down 2.4 cents by comparison.

Prices were down in all major regions of the U.S., with the largest drop hitting the Rocky Mountain states, falling 3.7 cents. The smallest amount of change occurred in the Lower Atlantic region, where prices dropped by 0.8 cents.

Gasoline was also down last week with the average price of regular gasoline dropping 2.9 cents to $2.155 per gallon.  Despite the drop, average prices are 6.1 cents more expensive than for the same week of 2015.

The largest drop in prices last week occurred in the Lower Atlantic region at 6.3 cents per gallon. Prices were up by 2 cents in the Midwest.

Crude oil hit 3-week highs on Nov. 21, trending upward after remarks from Russian president Vladimir Putin indicated that he believed a deal would be reached to freeze oil production output, according to a MarketWatch report

Rumors of such a deal have caused the oil market to rise and fall sporadically for the past few months. Hhowever, Putin indicated that he believes a deal would be reached by the end of the month. Russia is one of the world’s biggest oil producers outside OPEC.

Several oil-producing countries have expressed a desire to freeze oil produciton at current levels to better match lower global demand. However, OPEC countries have so far not managed to reach consensus. 

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