Continuing its downward spiral since the end of April, the national average for on-highway diesel prices dropped nearly 2 cents (1.8) Monday, ringing up at $2.565 a gallon compared with $2.583 last week, the Energy Information Administration (EIA) reported.
All of EIA's 10 reporting sectors reported diesel price slides, with the West Coast Less California region reporting the biggest drop, 2.8 cents, to $2.747, followed by the Gulf Coast sector, which dropped 2.5 cents a gallon to $2.410, and the Central Atlantic region falling 2 cents to $2.753 a gallon.
For awhile, diesel prices were climbing toward the $3 a gallon mark, and California is still just below that at $2.927.
As is usually the case, truckers found the California sector the most expensive for diesel. Monday that was followed by the West Coast Less California and the Central Atlantic sectors.
Meanwhile, oil prices were sinking Monday despite the fact that Saudi Arabia's oil minister stated that he expected OPEC and its partners to consider extending their agreement to cut production. Usually that's enough to send oil prices up, but todayonline.com reported that growing U.S. drilling and production have undermined both OPEC and non OPEC members' efforts to reduce their global oil inventories in efforts to "reblance" the market.
Brent crude Monday afternoon was reported to be 8 cents down at $49.02 a barrel and U.S. light crude was down 6 cents to $46 a barrel.
For more on diesel prices by region click here.