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Weekly Diesel Prices Show Little Change

August 15, 2016

Source: EIA
Source: EIA

The price of diesel fuel in the U.S. was essentially flat last week, falling less than a cent, according to the latest numbers from the Energy Department.

The average price of on-highway diesel fuel fell by 0.6 cents last week, settling at $2.31 per gallon. While the gap is closing, the price is more than 30 cents cheaper than it was in the same week a year ago.

Prices were relatively flat in all major regions of the U.S., with the most significant drop coming to the West Coast at 1.2 cents per gallon. The smallest change was in the Midwest, where diesel prices decreased by only 0.2 cents.

The average price of regular gasoline was also basically unchanged from the previous week, falling 0.1 cents to $2.149 per gallon. The average price is nearly 57 cents cheaper than it was in the same week of 2015.

The largest decrease in gas prices was on the West Coast, where the price dropped by 3.9 cents. The largest increase in prices was in the Lower Atlantic region where gasoline jumped 2.5 cents for the week.

Crude oil prices seem to be turning around, hitting some monthly highs as several OPEC member countries have indicated that they may finally reduce production to counteract lower global demand, according to a Wall Street Journal report.

Crude oil prices had been dropping, attributed to OPEC inaction to curb high production levels despite the fact that demand in large markets like China has been low. However, analysts have been speculating that OPEC may finally adjust production levels. The Saudi Arabia energy minister indicated last week that his country could finally back an effort to adjust, according to the report.

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