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Diesel Down Slightly for Third Straight Week

January 30, 2017

Source: EIA
Source: EIA

Diesel prices in the U.S. were down by less than a cent, marking the third straight week of decreases since the start of the year, according to the latest numbers from the Energy Department.

The average price for a gallon of on-highway diesel fuel fell by 0.7 cents last week, settling to $2.562 per gallon at the pump. The price is now more than 53 cents more expensive than it was in the same week of 2016.

Changes in the price of diesel fuel varied by region with the largest decrease occurring in the Rocky Mountain region, which saw a 1.6-cent drop. Prices were actually up slightly in the Lower Atlantic region with a 0.3-cent increase for the week.

Gasoline prices were also down last week, dropping another 3 cents and settling to $2.296 per gallon. The average price of regular gasoline is now 47.4 cents higher compared to the same week a year ago.

The largest drop in gas prices was in the Midwest, where prices decreased by 5.1 cents for the week. On the West Coast, prices were up slightly, jumping 0.2 cents.

Crude oil prices were down again on Jan. 30 as the rampup in U.S. oil production continues to offset production freezes in the Middle East.

In addition to increased domestic oil production, a stronger U.S. dollar and indications that countries like Russia might not meet their full production-reduction target also added to the subdued oil market, according to a CNBC report.

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