For the first time in several weeks, diesel prices have dipped.
In the U.S. Energy Information Administration’s (USEIA) report, the price for a gallon of diesel dropped by nine and a half cents from $5.348 to $5.257.
The Associated Press reported on Tuesday that oil prices were on their way up again before suddenly reversing course early Tuesday. After being up about 2.5% early, Brent crude oil was down a few pennies at $87.61 a barrel, while U.S. benchmark crude ticked up a couple cents to $82.19 a barrel.
A day earlier, oil jumped more than 5% after U.S. President Donald Trump scoffed at demands from Iran that the U.S. pay for devastation caused by five months of war as one condition for reopening the strait.
Shares of major U.S. oil companies — including Chevron, ExxonMobil and ConocoPhillips — were close to unchanged early Tuesday after jumping 4.5% on Monday.
Oil swung between $72 and $102 last month as hopes rose and fell that the United States and Iran could reach an agreement that would allow oil tankers to freely move through Middle East waters again to deliver crude worldwide.
Higher oil prices have meant elevated prices for gas, which trickles down to consumers on a number of levels. In addition to prices at the pump — which remain above $4 a gallon on average in the U.S. — companies have to pay more for fuel to produce and transport goods. Those higher costs usually get passed onto consumers.
The average price for a gallon of regular gasoline ticked up overnight Monday night to $4.01, according to motor club AAA.
Diesel prices were down in every reporting region with the Midwest Region dropping by more than 11 cents per gallon from $3.929 to $3.816.
The New England Region also fell by nine and a half cents from $4.070 to $3.975.
Bruce Guthrie is an award-winning journalist who has lived in three states including Arkansas, Missouri and Georgia. During his nearly 20-year career, Bruce has served as managing editor and sports editor for numerous publications. He and his wife, Dana, who is also a journalist, are based in Carrollton, Georgia.
