Diesel Drops Again, Down 0.9¢ to $2.414
The U.S. average diesel retail price slipped 0.9 cent to $2.414, the Department of Energy reported, as high domestic inventories and international output depressed crude oil prices.
Trucking’s main fuel remained 40 cents cheaper than a year ago, when the price was $2.814.
Diesel was down everywhere except in the Rocky Mountain region, where it rose 0.9 cent to $2.445, and in California, where it was unchanged at $2.798, DOE said after its July 11 survey of fueling stations.
The national average price for regular gasoline fell 3.8 cents to $2.253 a gallon, DOE’s Energy Information Administration said. The average is 58.1 cents cheaper than a year ago, EIA said.
Gasoline prices fell in all regions. It was lowest in the Gulf Coast region at $2.045 and highest along the West Coast at $2.731.
It fell the most in the Midwest, 5.3 cents.
Crude oil futures on the New York Mercantile Exchange closed July 11 at $44.53, down from $46.60 on July 5 and from $48.99 on July 1.
Stubbornly high U.S. [crude oil] inventories and resurgent output from the Organization of Petroleum Exporting Countries, Russia and Canada have prompted money managers to cut bets on rising prices to the lowest level in four months. West Texas Intermediate crude fell last week even as U.S. government data showed output slid to the least since May 2014, Bloomberg reported July 10.
