Following oil prices weakened by a slowing global economy, average on-highway diesel prices Monday slid 2.5 cents a gallon to $3.355, the U.S. Energy Information Administration (EIA) reported.
Prices were down in all 10 of the EIA’s reporting regions. The Lower Atlantic area decreased the most, 3.7 cents, to $3.217 a gallon, followed by the Gulf Coast region, which decreased 3.5 cents a gallon to $3.117.
California is now the only sector in the $4-a-gallon range at $4.074, down 2.2 cents from $4.096 last week.
Benchmark U.S. crude shed 2 percent to $65.69 per barrel in New York this morning. Brent crude, used to price international oils, lost 2.3 percent to $75.62 per barrel in London, The Associated Press reported.
The International Energy Agency (IEA) on Tuesday said that high oil prices were hurting consumers and could lessen fuel demand at a time of slowing global economic activity, Reuters reported.
Pressing down global oil demand are high oil prices, and in many countries, consumer prices. Also, global economic growth momentum is slowing down, IEA chief Fatih Birol told an energy conference in Singapore.
Oil is also under pressure from rising output by the world’s biggest producers — Russia, the United States and Saudi Arabia — who are replenishing global oil inventories after more than a year of draw-downs.
For more information on diesel prices by region click here.
Dorothy Cox is former assistant editor – now retired – of The Trucker, and a 20-plus-year trucking journalism veteran. She holds a bachelor’s degree in fine arts and a master’s degree in divinity. Cox has been in journalism since 1972. She has won awards for her writing in both mainstream and trucking journalism.
