Diesel Rises 2.4¢ to $2.431
The U.S. retail diesel average climbed 2.4 cents to $2.431, the Department of Energy reported, while the volatile price of crude oil slipped below $50 per barrel.
Last week marked diesel’s 16th increase in the past 17 weeks, DOE reported after its June 13 survey of fueling stations. However, trucking’s main fuel is 43.9 cents cheaper than a year ago.
Also last week, the national average price for regular gasoline climbed 1.8 cents to $2.399 a gallon, DOE said. The average is 43.6 cents cheaper than a year ago.
The U.S. regular gasoline retail price is projected to average $2.13 this year and $2.27 next year, according to EIA.
Meanwhile, crude oil futures on the New York Mercantile Exchange closed June 13 at $48.63, after closing above $50 last week.
“It’s a little hard for oil to rally when it looks like the rest of the world has fallen apart and that has been the problem,” Phil Flynn, senior market analyst at Price Futures Group in Chicago, told Bloomberg News by telephone. “There is no doubt that if the United Kingdom votes to leave the euro zone, it will create economic turmoil.”
A national referendum is being held June 23 to decide whether Britain should leave or remain in the European Union, the British Broadcasting Corp. said.
Another area of concern is Nigeria, Bloomberg said, where rebel attacks on oil installations cut Nigeria’s production by 10% in May.
