LITTLE ROCK, Ark. — Average U.S. diesel prices have been on the decline since Oct. 23.
According to the latest statistics from the Energy Information Administration, as of Nov. 20, the average price sits at $4.209 per gallon, down from $4.294 per gallon on Nov. 13 and $4.366 on Nov. 6.
This time last year, diesel prices were more than $1 higher.
Oil fell on Nov. 12 as investors turned cautious ahead of a meeting of OPEC+ on Nov. 26. That’s when the group may discuss deepening supply cuts due to slowing global growth.
Both contracts had climbed about 2% on Monday after three OPEC+ sources told Reuters that the group, made up of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, was set to consider whether to make additional oil supply cuts when it meets on Nov. 26.
“No doubt that the upcoming meeting of OPEC+ energy ministers will be one of the most pivotal of recent times as investors are searching for clues whether the hints and rumours will be backed up by action,” Tamas Varga of oil broker PVM told Reuters.
Born in Pine Bluff, Arkansas, and raised in East Texas, John Worthen returned to his home state to attend college in 1998 and decided to make his life in The Natural State. Worthen is a 20-year veteran of the journalism industry and has covered just about every topic there is. He has a passion for writing and telling stories. He has worked as a beat reporter and bureau chief for a statewide newspaper and as managing editor of a regional newspaper in Arkansas. Additionally, Worthen has been a prolific freelance journalist for two decades, and has been published in several travel magazines and on travel websites.