U.S. Seeing Decline in Diesel Prices
The average U.S. price for a gallon of diesel fuel is falling after weeks of seemingly unending increases.
According to the Energy Information Administration (EIA), as of Tuesday, a gallon of diesel was just over $5.50 per gallon across the United States, down from just over $5.70 on June 27th.
The EIA report mentions that the highest price for diesel is on the West Coast, which on average is around $6.285 per gallon, The average was more than $6.40 a gallon on June 27th. The nation’s lowest diesel prices can be found along the Gulf Coast where a gallon can be found for $5.20 a gallon, according to the EIA.
Crude Oil Costs On The Decline
The average U.S. price of regular-grade gasoline plummeted by 19 cents over the past two weeks to $4.86 per gallon. Industry analyst Trilby Lundberg of the Lundberg Survey that the continued decline comes as crude oil costs also fall. “Assuming oil prices do not shoot up from here, motorists may see prices drop another 10-20 cents as the oil price cuts continue making their way to street level,” Lundberg said in a statement.
Higher Than Average Annual Prices
The average price at the pump is down 24 cents over the past month, but it’s $1.66 higher than it was one year ago. Nationwide, the highest average price for regular-grade gas was in the San Francisco Bay Area, at $6.14 per gallon. The lowest average was in Baton Rouge, Louisiana, at $4.19 per gallon. According to the survey, the average price of diesel dropped 13 cents since June 24 to $5.76 a gallon.
Crude Oil Futures
Benchmark U.S. crude oil for August delivery fell $8.25 to $95.84 a barrel Tuesday. Brent crude for September delivery fell $7.61 to $99.49 a barrel. Wholesale gasoline for August delivery fell 20 cents to $3.26 a gallon. August heating oil fell 11 cents to $3.66 a gallon. August natural gas fell 27 cents to $6.16 per 1,000 cubic feet.
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