Fuel Smarts

Diesel Prices Drop as Oil Hits 6-Year Lows

August 24, 2015

Amidst some of the lowest crude oil prices since 2009, the average price of a gallon of on-highway diesel fuel continued its more than 2-month streak of price drops, according to the latest numbers from the U.S. Energy Department.

The average price dropped for the 13th straight week, sliding 5.4 cents nationally to an average price of $2.561 per gallon. Prices are significantly lower than this period last year, down $1.26 per gallon.  

Regional prices were down across the board, with the largest drops coming to the West Coast and New England, where prices fell by 6.4 cents. The smallest decrease occurred in the Rocky Mountain region, falling 3.5 cents.

The price of a gallon of regular gasoline was down 7.9 cents for the week, largely erasing the 8.7-cent increase the week prior. Last week’s increase was mostly due to the partial shutdown of a BP refinery in Indiana, which spiked gas prices in the Midwest.

This week’s largest drop by region occurred on the West Coast with an 8-cent price decrease, and the smallest decrease was found in the Rocky Mountain region at 1.5 cents.

Prices could see even further drops, as crude oil prices dove to six-year lows. West Texas Intermediate crude futures ended the day under $39 a barrel Monday on the New York Mercantile Exchange, at $38.24. Similarly, Brent Crude oil traded at six-year lows coming in at $42.69 per barrel, according to a MarketWatch report.

Oil supply continues to outstrip demand globally, causing prices to precipitously decline throughout much of 2015. Total global liquids inventories have grown by 2.3 million barrels per day through the first seven months of 2015. By comparison, the price of barrel of crude oil was trading at or near $100 a year ago this month.

Comment On This Story

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


Fleet Management And Leasing

Jack Firriolo from Merchants will answer your questions and challenges

View All


Public Fleet Tracking And Telematics

Amin Amini from Verizon Connect will answer your questions and challenges

View All


Fuel Management

Bernie Kanavagh from WEX will answer your questions and challenges

View All


Recent Topics

We are in process of auditing different departments for underutilized vehicles and have already come across vehicles that we need to...

View Topic

would anyone be willing to share there salary ranges for equip tech I thru III, and a welder salary range also

View Topic

Fleet Documents

1117 Fleet Documents (and counting) to Download!

Sponsored by

Henry Paetzel was the manager of automotive services at  General Mills until he retired from the company in 2007.

Read more