National Diesel Average Price Rises by Most in More Than Two Years
The average price of diesel fuel in the United States rose 6.4 cents a gallon to $2.556, the largest increase in more than two years, the Department of Energy reported Oct. 13.
It marked the steepest climb since Sept. 2, 2013, when the price rose 6.8 cents.
The national average for trucking’s main fuel was cheaper by $1.142 a gallon from a year ago, DOE’s Energy Information Administration said after its weekly survey of fueling stations.
Retail prices rose in all 10 regions of the country; the largest increase was 14.5 cents in the Midwest.
The rise follows a 1.6-cent increase the prior week.
Gasoline rose 1.9 cents to $2.337 a gallon. The price fell by 5.3 cents in the Rocky Mountains but rose by 3.9 cents in the Lower Atlantic.
West Texas Intermediate for November delivery declined 4 cents to settle at $46.66 a barrel Oct. 13 on the New York Mercantile Exchange as the International Energy Agency expected that a global crude glut will continue into 2016.
IEA said global oil demand growth will revert to long-term trend levels of 1.2 million barrels a day in 2016, down from 1.8 million this year, amid a softer economic outlook for oil exporters. Total supply from nations outside OPEC will decline by 500,000 barrels a day next year, which IEA said last month was the steepest drop since 1992. U.S. oil output will fall to 12.56 million barrels a day in 2016, from 12.75 million this year, Bloomberg News reported.
OPEC projected U.S. output to shrink in 2016 for the first time in eight years, according to Bloomberg.
