Diesel prices continue falling by double digits.
According to the weekly report from the U.S. Energy Information Administration (USEIA), the national price for a gallon of diesel dropped by more than 16 cents from $4.832 to $4.668.
As has been the case many times over the last several weeks, the west regions have dropped the most.
The California Region reported a decrease of nearly 29 cents from $6.468 to $6.180 while the West Coast Region fell by just over 28 cents per gallon from $6.468 to $6.180.
The West Coast less California dropped by just over 27 and a half cents per gallon from $5.238 to $4.962.
Oil prices are continuing to bounce. After a morning of slight decline, the Associated Press reported later Tuesday that the oil bounced upward again.
In the oil market, AP reported that prices edged higher as two U.S. envoys arrived in Qatar for talks with mediators about the implementation of an initial deal to end the war in Iran. The Americans will not be having direct negotiations with Iranian diplomats while in Doha.
The price for a barrel of Brent crude oil, the international standard, rose 0.4% to $74.24, though it’s below its peak well above $100 earlier in the war. The hope is that an end to the war will restore full access to the Strait of Hormuz, allowing oil tankers to move more crude and lower its price.
Expensive oil has already sent inflation jumping around the world, which in turn has raised worries that the Federal Reserve and other central banks may have to raise interest rates. Higher rates would keep a lid on inflation, but they would also slow economic growth and hurt prices for investments.
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.
