Diesel Prices on the move…. UP!
- SUBMITTED BY : JASON BUCKWALTER
- Sep 18, 2018
The nationwide average price of diesel fuel increased by one penny to $3.268 a gallon, the Department of Energy reported Sept. 17.
Trucking’s main fuel costs 47.7 cents a gallon more than it did a year ago, when the price was $2.791.
It appears that Hurricane Florence has had little impact on the price of diesel or gasoline as the storm, while causing widespread flooding in the Carolinas, did not track into the Gulf Coast, where many of the nation’s oil processors have refineries.
The average price of diesel rose in all regions but the Rocky Mountain region. The most expensive price for diesel remains in California at $3.979 a gallon, up a penny from last week, while the least expensive is in the Gulf Coast at $3.056 a gallon, but that is up 1.7 cents from the previous week. And that increase was the largest among the 10 regions in the Energy Information Administration weekly summary.
The average price for gasoline is also up nationally to $2.841, an increase of eight-tenths of a penny, and it is nearly 21 cents a gallon higher than it was a year ago when it was $2.634 a gallon. Gasoline prices increased in seven of the nine regions of the country.
The most expensive gasoline in the country is in the West Coast region at $3.344 a gallon.
The price of diesel and gasoline are trending upward at a time when fuel prices, after Labor Day, usually begin to fall as the summer driving season levels off.
Domestic crude oil production continues to increase. The EIA report estimates that U.S. crude oil production averaged 10.9 million barrels per day in August, up by 120,000 barrels from June. The latest EIA report forecasts U.S. crude oil production will average 10.7 million barrels per day in 2018, up from 9.4 million barrels in 2017, and will average 11.5 million barrels in 2019.
Article Credit~ TTNew.com
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