Diesel prices plunged again this week.
According the U.S. Energy Information Association, for the third straight week, the national average price for a gallon of diesel fell by 15 cents again from $5.210 to $5.059.
Every reporting region showed a decline in the price of diesel with three regions reporting a drop by more than 20 cents per gallon.
The California Region dropped the most from $6.940 to $6.713, a decrease of 22.7 cents per gallon.
The West Coast Region plunged 21 and a half cents per gallon from $6.289 to $6.074 while the West Coast less California Region dropped by just over 20 and a half cents per gallon from $5.725 to $5.519.
According to an Associated Press report, oil prices steadied after falling sharply earlier on optimism over a possible end to the war and reopening of the Strait of Hormuz, crucial for oil and gas transport worldwide. But challenges remain, including whether the deal includes Israel’s withdrawal from Lebanon.
Brent crude, the international standard, edged 0.1% higher to $79.05 per barrel early Wednesday after falling more than 5% on Tuesday. It was above its roughly $70 a barrel level in late February, before the war started.
Benchmark U.S. crude was nearly unchanged at $76.02 a barrel.
“Normalizing (oil) flows will take time,” economists at HSBC wrote in a note this week. “Hurdles include mine clearance, insurance reinstatement, emptying excess Gulf oil storage, repositioning ships, and restarting idled production fields.”
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.
