National Diesel Average Declines for Second Consecutive Week
The average price of diesel fuel in the United States declined 3.3 cents a gallon to $2.498, the second consecutive weekly decline, the Department of Energy reported Oct. 26.
The national average for trucking’s main fuel was cheaper by $1.137 a gallon from a year ago and is at the lowest level since Sept. 28, DOE’s Energy Information Administration said after its weekly survey of fueling stations.
Retail prices for the fuel declined in every region of the country except California, where it rose 0.5 cent.
The decline follows a 2.5-cent dip last week. The price of diesel has declined a combined 5.8 cents in the two most recent downturns.
Gasoline dropped 4.9 cents to $2.228 a gallon. That follows a 6-cent decline the prior week. The price of gas fell by 7.2 cents in the Midwest and only 1.9 cent in the New England region.
Each week, DOE surveys about 400 diesel filling stations and 800 gasoline stations to compile national average prices.
West Texas Intermediate for December delivery fell 62 cents to end at $43.98 a barrel on the New York Mercantile Exchange, the lowest close since Aug. 27. The volume of all futures traded was about 30% below the 100-day average, Bloomberg News reported.
World crude supplies will remain ample until at least the middle of 2016 while investment in the industry is set to shrink further, International Energy Agency Executive Director Fatih Birol said in Singapore Oct. 26, according to Bloomberg.
U.S. average #Diesel fuel price on 10/26/15= $2.498/gal, DOWN $0.033 from week ago https://t.co/NInhCoTGoI #truckers pic.twitter.com/grXuVJWQrx — EIA (@EIAgov) October 26, 2015
