Diesel Prices Dip, But Oil Futures Climb
The average retail price of U.S. diesel fuel dropped 2.2 cents last week from the all-time high of $1.67 that was set in the previous week.
The Organization of Petroleum Exporting Countries, said it will raise production a fourth time next week, by 500,000 barrels, with the goal of stabilizing the price of oil below $28 a barrel on international markets.
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But truckers and others dependent on petroleum products weren’t able to enjoy the respite for long, as crude oil began to climb again late last week on worldwide concern about Iraq’s intentions, foreshadowing higher retail prices to come.
Various forces are at work on both sides of the fuel price future, ranging from concerns about the coming winter’s weather in the U.S., uncertainty about Mideast violence, falling distillate stocks, a shortage of tanker capacity, questions about the disposition of oil from the strategic petroleum reserve and oil cartel promises to boost production yet again.
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