Diesel Prices Plateau While Oil Markets Evaluate Brexit
Source: EIA
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Source: EIA
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The price of diesel fuel remained relatively unchanged for the third straight week and the energy markets are still feeling the effects from the United Kingdom’s vote to leave the European Union, according to the latest numbers from the Energy Department.
The average price of on-highway diesel fuel dropped by 0.3 cents last week, settling at $2.423 per gallon. The price is 40.9 cents than it was in the same week a year ago.
There are usually significant differences in fuel price fluctuations region to region but prices were slightly down in nearly all areas. The largest decrease in prices was in the New England region at 0.9 cents per gallon while the largest increase in prices was 0.7 cents in the Rocky Mountain region.
The average national price of regular gasoline was down last week by 3.8 cents, hitting $2.291 per gallon. The current average price is 50.2 cents cheaper than it was in the same a week in 2015.
When separated by region, the largest decrease in prices was in the Midwest with an 8.3-cent drop for the week. The smallest change in prices were on the West Coast where prices fell 0.5 cents.
The price of crude oil was down on July 5 as energy prices have felt the effects of the UK’s vote to leave the EU, according to a CNBC report. The worry is that the, economic downturn in the UK would slow the global economy, reducing demand for oil.
While oil prices had been steadily rising for the past few months on news that oil producers would be reducing the supply of oil, a slower economy could prevent the prices from continuing to increase.
Related: Business Investment Sinks as Durable Orders Decline
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