The price of diesel fuel increased for the first time in over 2 months after slowly falling from a high of 2.43 in mid-June, according to the latest numbers from the Energy Department.
The average price of on-highway diesel fuel increased by 6 cents last week, rising to $3.37 per gallon. With steadily rising prices, diesel fuel is still 19.1 cents cheaper than it was in the same week in 2015.
The largest increase in prices was in the Gulf Coast region with a 7-cent increase for the week. The New England region was the least affected by rising prices with a 2.3-cent increase last week.
Gasoline prices were also up for the week, increasing 4.4 cents to $2.183 per gallon. The price is still 44.4 cents cheaper than it was in the same week of 2015. The largest increase in prices by region was in the New England region at 6.2 cents while the smallest increase was in the Rocky Mountain region at 1.5 cents.
Global crude oil prices fell on Monday as a potential decrease in production by OPEC seems unlikely once again, according to a MarketWatch report. Demand for crude oil has been weak for the past year with economic problems in countries like China causing an oil supply glut.
When combined with an increase in oil production by the U.S. and OPEC, oil prices fell significantly over that period. The prospect of a production freeze had been bolstering the market in the past few weeks, causing prices to rise steadily. However it appears that a deal to reduce output is unlikely in the short term.
Originally posted on Trucking Info