In The News
Pulled under by tanking oil, diesel prices down nearly 5 cents a gallon to $2.235
It shouldn't come to anyone as a shock that diesel prices were down again Monday, with the U.S. on-highway average dropped nearly 5 cents (4.9) to $2.235 compared with the price last week of $2.284.
That's the lowest price since May 18, 2009, when it was $2.231 a gallon.
Because of a global oil glut caused by OPEC's decision to not cut production, hefty U.S. production and a decrease of oil use by Europe, Japan and China, oil prices have tanked for nearly all 2015.
Diesel prices started out at $3.137 a gallon on January 5, 2015, and except for a few upsurges that didn't last, kept going down all year, according to figures from the U.S. Energy Department's Energy Information Administration (EIA).
A 3 percent drop in oil prices Monday led investors to unload shares of Exxon Mobil, down 0.73 percent, and Chevron, which fell 1.84 percent, Reuters reported.
U.S. stock indexes have closely tracked crude prices in the past several weeks.
On Monday Oil-Price.net recorded WTI crude selling for $38.10 a barrel while Brent crude was at $37.89 a barrel.
EIA predicts diesel will sell for between $2.50 and $3 a gallon for 2016.
California had the highest diesel prices, $2.609 a gallon, while the Gulf Coast region reported the lowest at $2.140 a gallon.
For a list of diesel prices by EIA sector, click here.
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