Diesel prices inched up again Monday 5 tenths of a cent to $2.577 a gallon, the Energy Information Administration (EIA) reported.
The New England and Gulf Coast regions stayed the same from last week and all others except California went up slightly. Uncharacteristically California went down 4 tenths of a penny to $2.962 a gallon.
None of the EIA’s 10 reporting regions have yet to climb above $3 a gallon and California will probably do the honors, if the past is any indication.
OPEC-led production cuts were expected to bring prices up but they were offset by increasing crude production from the U.S., Reuters reported today.
The Organization of the Petroleum Exporting Countries has so far showed surprising compliance with decreasing oil output, with the United Arab Emirates and Iraq lagging behind but promising to catch up quickly, Reuters noted, adding that while the November 30, 2016, agreement to reduce production prompted oil prices to rise $10 a barrel, they have been trading in a narrow $3 range in recent weeks.
For more details of diesel prices by region click here.