Diesel Average Falls 2.7¢ to $2.443
The U.S. average retail price of diesel fell 2.7 cents to $2.443 a gallon, according to the Department of Energy, as crude oil prices continued their slide since the presidential election.
The national average diesel price is 3.9 cents less than it was a year ago, when the price was $2.482, DOE said after its Nov. 14 survey of fueling stations. Average diesel prices were lower in all DOE regions.
The U.S. average retail price for regular gasoline dropped 4.9 cents to $2.184 a gallon, or 0.6 cent higher than a year ago, DOE’s Energy Information Administration said. The average price of gasoline also was lower in all DOE regions.
For newly elected presidents, the price of oil generally slides in the weeks just after Election Day, then gains after their inauguration, or as the swearing into office draws near, according to S&P Global Platts, a provider of information and benchmark prices for the commodities and energy markets.
“With a goal of making the U.S. energy independent, Trump eyes American energy dominance as a strategic economic and foreign policy goal. Such a nationalistic approach combined with a viewpoint unconcerned with climate change bodes well for oil and gas producers,” S&P Global Platts posted online Nov. 9.
Meanwhile, OPEC said it is scheduled to meet again Nov. 30 to discuss production levels.
“While there may well still be an OPEC deal outcome in Vienna this month, it is expected to fall short of what is required to really kick-start the rebalancing process,” Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London, told Bloomberg News.
Bloomberg reported that failure by OPEC to implement a deal could drag down crude to as low as $35 a barrel, while success at the group’s gathering in Vienna may push oil to $60, said Gary Ross, executive chairman of Pira Energy Group .
