National on-highway diesel prices took another nose dive today, inching down 2 cents to $2.482 compared with $2.502 truckers were paying on average last week.
Diesel prices have been on a seesaw up and down since the first of this year, when they were $3.137 a gallon on January 5, went further down to $2.754 a gallon on April 13, tipped up to $2.914 on May 25 only to continue their slide to today’s price.
If any of the U.S. Energy Information Administration’s (EIA) 10 reporting sectors is going to show an increase, it’s usually California, which also is prone to have the highest price. Today diesel prices went down 3.4 cents a gallon in the California reporting sector to $2.769, compared with $2.803 last week. But true to form, it was still the highest diesel price in the nation.
California may have had the biggest decrease of any of the EIA regions but the Midwest sector wasn’t too far behind, with diesel there ringing up 3.2 cents cheaper at $2.494 compared with $2.526 a gallon the week prior.
Truckers in the Gulf Coast area were paying the least for diesel: $2.304 a gallon today.
For details by region click here.
The tragedy in Paris has sent oil prices up, and if they stay up, they will pull diesel up with them.
However, Friday's attacks in Paris, which killed 129 people, are not likely to negatively affect the economies of the U.S. or Europe, Scott Wren, senior global equity strategist for Wells Fargo Investment Institute told The Associated Press.
Oil and gas stocks were among the biggest gainers as the price of crude rose. Traders also bid up shares in defense contractors, while travel-related stocks slumped, according to AP.
"It all comes down to, are consumers going to be staying at home and not out spending money because they're afraid that if they go anywhere they're going to be victims of a terrorist attack," Wren said. "That might be the case if you saw a series of these things, but hopefully that's not what's going to happen and the economy is not going to be affected."
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