WASHINGTON — For the fourth week in a row, diesel prices have dropped — and Monday they were down 2.8 cents a gallon to $3.216, the U.S. Energy Information Administration (EIA) reported.
Diesel had climbed to $3.288 for the week ended May 28 before starting its slide downward.
All of the EIA’s 10 reporting sectors have been showing diesel in the $3-a-gallon price range for several weeks. But Monday the Gulf Coast region slipped below $3 to $2.978, the cheapest diesel in the country.
As truck drivers who travel out West know, California usually has the highest diesel price and Monday diesel in the Golden State was ringing up at $3.959 a gallon.
Prices in California have hovered around the $4-a-gallon mark for several months.
OPEC countries Friday agreed to produce more oil, which usually brings prices for petroleum products down because of the law of supply and demand. But investors aren’t sure the cartel will produce as much crude oil as it says it will, The Associated Press reported.
Benchmark U.S. crude dipped 0.7 percent to $68.08 per barrel in New York. It climbed 4.6 percent Friday, its biggest one-day gain since late 2016. Brent crude, used to price international oils, dropped 1.5 percent to $74.20 per barrel in London, according to AP.
Wholesale gasoline lost 0.9 percent to $2.05 a gallon. Heating oil fell 1.2 percent to $2.10 a gallon. Natural gas dipped 0.7 percent to $2.92 per 1,000 cubic feet.
For diesel prices by area, click here.