Diesel Drops Despite OPEC Wavering
The price of diesel fuel dropped almost a cent and a half last week while oil cartel members traded conflicting statements about the “on-again, off-again” plan to boost oil production.
On July 17, the Energy Information Administration reported the national average price of diesel fuel at $1.435 a gallon, which is 1.4 cents below the price in the previous survey.
Meanwhile, members of the Organization of Petroleum Exporting Countries seemed unable to decide whether or not the situation warrants an increase in production.
On July 3, a spokesman said Saudi Arabia would, “in a few days” begin producing an additional 500,000 barrels a day (7-10, p. 1). The Saudis, who are the world’s biggest oil producers said they were trying to bring the price down to $25 a barrel.
 | Fuel Prices | |||
| Week of July 17: | ||||
| source | price | change | ||
| DOE | 143.5 | -1.4 | ||
| Comdata* | 142.2 | -0.8 | ||
| OPIS self-serve* | 143.6 | -0.8 | ||
| OPIS wholesale* | 86.0 | -3.2 | ||
| *Comdata and OPIS figures are for the week of July 8-14. Click here for more fuel prices. | ||||
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