The Number 1 Resource for Vocational Truck Fleets

Fuel Management

Diesel Prices Fall, Crude Oil Surges on Putin Remarks

November 21, 2016

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. 

Comment On This Story

Comment: (Maximum 10000 characters)  
Leave this field empty:
* Please note that every comment is moderated.


Fuel Management

Bernie Kanavagh from WEX will answer your questions and challenges

View All


Fleet Tracking And Telematics

Todd Ewing from Fleetmatics will answer your questions and challenges

View All


Fleet Management And Leasing

Jack Firriolo from Merchants will answer your questions and challenges

View All


Fuel Saving Strategies Survey

View our 2008 survey to benchmark your fleet's fuel and green strategies with other fleets.

Fuel Calculator

A managed fuel program can help you save time and money and gain control over the way you fuel your vehicles. Determine your potential savings by using our fuel calculator.
Launch Fuel Calculator 

Fuel Prices

U.S. Gasoline and Diesel Fuel Prices.

Launch Fuel Prices 
Sponsored by

Dennis LaLiberty began his 44-year fleet career as a Wheels trainee after college, moving up in company hierarchy to the VP of international marketing post in 1992.

Read more