After increasing 3.2 cents a gallon last week to $2.571, national on-highway diesel went down seven tenths of a cent Monday to $2.564 a gallon, the Energy Information Administration (EIA) of the U.S. Department of Energy reported.
EIA’s Lower Atlantic reporting region saw the biggest dive in diesel prices, 1.5 cents to $2.490 a gallon from $2.505 the week prior, followed by the West Coast Less California, which went from $2.735 a gallon last week to $2.724 on Monday, a 1.1-cent slide.
California saw a slide of just 4 tenths of a cent to $2.927 from $2.931 last week, keeping its diesel total precariously close to $3 a gallon at $2.927, the highest diesel in EIA’s reporting sectors followed by the West Coast region, where diesel went down 7 tenths of a cent to $2.836 a gallon.
The only EIA regions to show a diesel price increase were New England, where the price went up two tenths of a penny to $2.624 a gallon and the Rocky Mountain sector, which increased three tenths of a penny to $2.664 a gallon.
Forbes recently reported that OPEC’s influence on oil prices is waning, although unrest in oil-producing countries still has a tendency to push up prices.
Bloomberg reported that oil prices rose more than 1 per cent early on Monday, “pushed up by tensions in the Middle East where top crude exporters are cutting ties with Qatar.”
Saudi Arabia, the United Arab Emirates, Egypt and Bahrain have cut ties with top Liquefied Natural Gas and condensate exporter, Qatar, accusing it of supporting extremism and undermining regional stability. So next week, diesel prices could be headed up again if the unrest continues and keeps pushing up oil prices.
Diesel has been on an up-and-down continuum since March.
For more diesel prices by region click here.