Diesel prices have fallen for the second straight week.
Afer a 14-cent drop last week, the national average price of a gallon of diesel fell again by just over 18 cents.
The U.S. Energy Information Administration (US EIA) states that the average price fell from $6.382 to $6.199.
According to Associated Press reporting on Tuesday, oil prices declined more than 1% early Tuesday. Brent crude, the international standard, was down 1.3% to $99.07 per barrel, back to below the $100 mark, but way higher than the roughly $ 72-a-barrel level of late February.
Benchmark U.S. crude lost 1.7% to $87.91 per barrel.
Analysts say upward pressures on oil prices have eased as larger volumes of oil have been crossing the Strait of Hormuz and oil flows through Saudi Arabia’s key East-West pipeline have been recovering, although tensions between the U.S. and Iran are still high.
“While there are growing signs of a recovery in oil flows from the Persian Gulf, the market remains nervous about potential supply disruptions from the region. This is keeping prices well-supported for now,” ING commodities strategists Warren Patterson and Ewa Manthey wrote in a commentary on Tuesday.
All reporting regions reported drops in price.
The Lower Atlantic and Midwest Regions took the biggest plunges at around a quarter per-gallon drop.
The Lower Atlantic Region fell from $5.953 to $ 5.699, a drop of just over 25 cents while the Midwest Region dropped exactly 24 cents from $6.526 to $6.286.
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.
