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Diesel Prices Taper Off After Surge

October 24, 2016

Source: EIA
Source: EIA

After two straight weeks of price increases, diesel prices have tapered off with a slight decline last week, according to the latest numbers from the Energy Department.

The national average price of on-highway diesel fuel fell by 0.3 cents last week, settling to $2.478 per gallon at the pump. The price is slightly cheaper than it was in the same week a year ago, down 2 cents by comparison.

Average prices moved up and down depending on the region with the largest decrease coming to the Lower Atlantic, falling 1.1 cents. On the opposite end of the spectrum, the largest increase in prices was in the New England region at 0.8 cents per gallon.  

The price of regular gasoline was also down last week, falling 1.4 cents to $2.243 per gallon. For the first time this year, the average price of gasoline was more expensive than it was in the same week of 2015, up 1.5 cents per gallon by comparison.

Prices fluctuated by region with the largest decrease in prices hitting the Midwest at 4.8 cents per gallon. The largest increase in prices was the Rocky Mountain region at 1.7 cents per gallon.

Global crude oil prices were down on Oct. 24, with reports indicating that a deal between oil producing countries to freeze oil production may be torpedoed by Iraq, according to a MarketWatch report.

Prices had been increasing in recent weeks as a potential deal between Russia and the OPEC countries promised to finally address the overproduction of oil. However, Iraq has reportedly indicated that it will not be a part of any agreement due to its current fight against ISIS. The decision carries a lot of weight because Iraq is OPEC’s second-largest oil producer.

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