Diesel Average Dips 0.3¢ to $2.478
The U.S. average retail price of diesel dipped 0.3 cent to $2.478 a gallon, according to the Department of Energy.
The average price was unchanged in California, rose in the New England, Central Atlantic, Rocky Mountain and West Coast regions and declined in the rest of the country.
The national average is 2 cents cheaper than it was a year ago, DOE said after its Oct. 24 survey of fueling stations.
The largest decline was in the Lower Atlantic region, where it fell 1.1 cents. The largest rise — 1 cent — was in the West Coast minus California.
The U.S. regular gasoline average price fell 1.4 cents to $2.243 a gallon, 1.5 cents cheaper than a year ago, DOE’s Energy Information Administration reported.
Last week, the U.S. average retail price of diesel climbed 3.6 cents to $2.481 a gallon amid signs crude production in some countries was on the rise.
West Texas Intermediate for December delivery slipped 33 cents to close at $50.52 a barrel on the New York Mercantile Exchange, Bloomberg News reported.
Oil has fluctuated near $50 a barrel on uncertainty about whether the Organization of Petroleum Exporting Countries can implement an accord to reduce output when members gather at an official summit in November, Bloomberg reported.
"I doubt anyone will be real brave and send prices much below $50," Gene McGillian, manager of market research for Tradition Energy based in Stamford, Connecticut, told Bloomberg. "It’s too risky because a statement from the Saudis or Russians would be enough to send prices higher."
