The average price of diesel fuel fell again last week, continuing a streak of very slight declines in the past month, according to the latest numbers from the Energy Department.
The price of on-highway diesel fuel in the U.S. fell 1.2 cents last week to $2.402 per gallon at the pump. While fuel prices in general have been on the rise, the past month has seen a flattening of prices in general with a slight downward trend. Compared to the same week in 2015, the price is 38 cents cheaper.
The largest decrease in prices was in the New England region where prices fell 2.3 cents for the week. Prices on the Gulf Coast actually increased by a barely perceptible 0.1 cents per gallon.
The average price of regular gasoline was also down last week, falling 2.3 cents per gallon, and hitting $2.23 per gallon. The price of gasoline is 57.2 cents cheaper than it was in the same week a year ago.
Broken down by region, the largest drop in prices was in the Lower Atlantic where prices fell 4.6 cents in one week. The smallest change in prices was in the Midwest where the price dropped 0.3 cents per gallon.
Crude oil prices have also been down in recent weeks, at first affected by the U.K.’s impending exit from the European Union, but now facing the continuing prospect of over production, according to a Wall Street Journal report.
A global supply glut caused by over production in major oil producing countries that originally led to a drop in oil prices earlier this year has not gone away. In particular, lower demand for foreign oil in China has affected investors' outlook on the oil market.
Originally posted on Trucking Info