U.S. fuel prices shift downward

Date: Wednesday, June 20, 2018
Source: American Shipper

U.S. on-highway diesel fuel prices averaged $3.244 per gallon — including all taxes — as of Monday, marking the third straight week of declines, according to the U.S. Department of Energy’s Energy Information Administration (EIA).
   However, diesel remained more expensive than a year prior, when it clocked in at $2.489 per gallon.
   The U.S. Gulf Coast had the cheapest diesel fuel at an average of $3.016 per gallon as of Monday, while the highest prices were seen in California, where diesel fuel averaged $3.976 per gallon, according to the EIA. U.S. regular gasoline prices averaged $2.879 as of Monday, also dropping for three straight weeks, despite being higher than a year ago.
   Outcomes from OPEC’s meeting in Vienna, Austria this Friday will likely influence future gas prices.
   “The cartel, along with other major producers including Russia, will discuss increasing oil production ahead of the year-end scheduled dissolution of its production-reduction agreement,” AAA said. “Some reports indicate that OPEC could be looking at an increase of 300,000 to 600,000 b/d to help ease global crude price gains that have grown since the cartel put its production-reduction agreement into place at the beginning of 2017. An increase in production would likely decrease crude oil prices and encourage cheaper gas prices.”

 

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