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Diesel Average Falls 11 Cents to $2.857Diesel fuel’s average national price fell 11 cents to $2.857 a gallon, the Department of Energy reported Monday.
The national average price for gasoline fell for a fifth straight week, dropping 10.9 cents to $2.618. Prices are down 33.7 cents from a year ago.
The drop in diesel prices is the largest since a 17.8-cent decline recorded Nov. 7, 2005 and follows a 6-cent decrease last week. The price
is one cent higher than a year ago.
Diesel’s average fell in all five national regions. In California, which DOE breaks out separately, the nation’s main trucking fuel fell 5 cents to $3.125.
Meanwhile, crude oil futures dropped 68 cents to close at $65.57 a barrel on the New York Mercantile Exchange. Futures reached $64.85 during midday trading, their lowest level since March 24, Bloomberg reported Monday.
The six-day slide in oil prices, the longest downward streak in about three years, has prompted concern from OPEC, Bloomberg said.
The organization said it plans to maintain current production quotas but may consider supply cuts at its December meeting, Bloomberg reported.
News of rising U.S. inventories and reports that Iran will continue negotiations with the United Nations regarding its nuclear program also spurred the drop in prices, according to Bloomberg.
Each week, DOE surveys 350 diesel filling stations to compile a national snapshot average price.
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