Fuel Smarts

Diesel Prices Flat After Small Increase

September 06, 2016, by Steven Martinez

Source: EIA
Source: EIA

The average price of diesel fuel last week remained relatively flat after a small increase in the week before, according to the latest numbers from the Energy Department.

The price of on-highway diesel fuel fell by a very small margin overall, dropping by 0.2 cents for the week to $2.407 per gallon at the pump. Prices are almost even with last year’s levels and are only 12.7 cents cheaper than in the same week of 2015.

Prices fluctuated across the country, with the largest decrease in prices coming to the Lower Atlantic region at 0.6 cents per gallon. The largest increase in prices was recorded in the Rocky Mountain region at 1.7 cents.

The average price of regular gasoline was also down for the week, falling 1.4 cents to settle at $2.223 per gallon. The price is still 21.4 cents cheaper than it was in the same week a year ago.

The largest price decrease for gasoline was in the Midwest region with a drop of 4.7 cents for the week. The largest increase in prices was in the Central Atlantic region, jumping 0.5 cents per gallon.

Crude oil prices saw a small boost on Sept. 9, thanks to a recent agreement between Saudi Arabia and Russia to stabilize the oil market, according to a report in CNN Money.

Although the details are slim on the deal, Russia and Saudi Arabia are some of the top oil producers globally, and any collaboration could influence other nations to follow suit and freeze production. Skeptics of the deal point out that even if countries freeze production at current levels, crude oil output would still outpace oil demand and may not address the problem of oversupply.

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