Fuel Smarts

Diesel Prices Down Again but Oil Prices Surge

August 31, 2015

Source: EIA
Source: EIA

The average price of a gallon of on-highway diesel fuel was down again for the 14th straight week, according to the latest numbers from the U.S. Energy Department.

The national average price of diesel fuel dropped 4.7 cents to $2.514 per gallon. Compared with this week last year the price has dropped $1.30.

Price drops happened in every region, with the largest drop occurring in the New England region with a decrease of 6.6 cents per gallon. The smallest decrease was seen in the Rocky Mountain region with a drop of just 3 cents per gallon.

The national average price of regular gasoline saw a large decline as well this week, dropping 12.7 cents to $2.51 per gallon, more than compensating for an anomalous 8.7-cent increase two weeks prior.

The largest decrease in the price of gasoline was in the Midwest region, which saw a 20-cent drop. The Midwest was the region most affected by an increase caused by the partial closure of a BP refinery in Indiana. The smallest decrease in price occurred in the Rocky Mountain region with a 5.2-cent drop.

Crude oil prices surged 10% on Monday on news that OPEC was concerned about the low oil prices, according to a MarketWatch report. While it wasn’t ready to cut production, some of the OPEC member nations were looking for consensus on how to curb falling prices. October Brent Crude finished at $54.15 a barrel, a one-day gain of $4.10.

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