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Diesel Prices Stay Mostly Flat for Third Week Straight

September 12, 2016

Source: EIA
Source: EIA

The price of diesel fuel dropped less than a cent last week and has remained relatively unchanged for the past three weeks, according to the latest numbers from the Energy Department.

The national average price of on-highway diesel fuel dropped 0.8 cents and settled at $2.399 per gallon at the pump. The average price is only slightly cheaper than it was in the same week a year ago with the gap now equaling 11.8 cents.

Prices were down in most locations by region with the largest drop in prices coming to the Lower Atlantic region 1.1 cents per gallon. The loan regional increase in prices was a barely registering 0.2 cent jump on the West Coast.

Gas prices were also down last week with the average price of regular gasoline dropping by 2.1 cents and settling to $2.202 per gallon. The price is still 17.3 cents cheaper than it was in the same week a year ago.

The largest drop in prices graced the Midwest region at 4.5 cents while the largest increase in prices hit the West Coast at 3.8 cents.

Crude oil prices were up to start the week as the market is still trying to figure out of oil producing countries will agree to freeze production, according to a MarketWatch report.

In the latest of what has so far been phantom rumors about a freeze in crude oil production, Russia and Saudi Arabia announced an agreement to meet about the issue but a more recent OPEC report claimed that non-OPEC oil production could increase to end the year making a deal less likely.

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