US Sees Falling Diesel, Gasoline and Oil Prices

The U.S. Department of Energy said that diesel fuel prices slightly fell from its level last week with a 3.4-cent drop to $4.116 a gallon. The average price nationwide is higher by 29.1 cents, or 7.6 percent, compared to the same period in the past year, according to the weekly report of the Energy Department’s Energy Information Administration (EIA).

The average price of diesel in California reflects a 5.2-cent drop to $4.385. In spite of the decline, the state still holds the top spot as the region with the highest diesel rates.

The Gulf Coast is the region with the cheapest diesel prices, at $3.999 per gallon, a 2.3-cent decline. Prices in almost all regions declined except New England, where there was an increase of half a penny to $4.243 per gallon.

The nationwide average gasoline price today also reflects a decline of 13.2 cents to $3.687 per gallon. However, the national average is still higher by 22.5 cents compared to last year.

The highest gasoline prices today are in California, with an average of $4.245 per gallon. All the other parts of the country are seeing prices at the pump that are lower than the $4 a gallon mark, with the Gulf Coast having the cheapest gasoline prices, at $3.449 per gallon.

The crude oil price per barrel of the U.S. Benchmark ended at $90.05 last week, a level that is down by $1.81 compared to the previous week. TransCanada is ready to restart the Keystone pipeline soon, which is expected to help relieve tight crude supplies. The crude price per barrel of WTI is 3 percent higher compared to the past year.

Despite the recent unrest in Lebanon that ignited worries of wider Middle Eastern tensions, current oil futures prices dropped to their lowest level in a two-week period. On the NYMEX, light, sweet crude for delivery in November finished lower by 1.5 percent, or $1.32, to $88.73 per barrel.

Worries about poor crude demand domestically and internationally overwhelmed indications of worsening Middle Eastern conflict.