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6/19/2017 5:00:00 PM Write a Letter to the Editor Write a letter to the Editor

Oil Prices Slide, Diesel Falls 3.5¢ to $2.489 a Gallon

Daniel Acker/Bloomberg News

The U.S. average retail price of diesel dropped 3.5 cents to $2.489 a gallon, while crude oil prices fell below $45 a barrel — a range last seen in late November. It was diesel’s third consecutive weekly decline.

Diesel now costs 6.3 cents more than it did a year ago, when the price was $2.426 a gallon, the Department of Energy reported June 19.

Diesel prices have dipped by 8.2 cents a gallon since May 29.

Each regional price for trucking’s main fuel also fell.

The U.S. average price for regular gasoline sank 4.8 cents to $2.318 a gallon. The cost is 3.5 cents more than it was a year ago, DOE’s Energy Information Administration said.

Gasoline has dropped 9.6 cents a gallon in the past two weeks.

Weekly gasoline prices also fell in all regions, EIA said.

West Texas Intermediate crude futures on the New York Mercantile Exchange closed at $44.20 per barrel June 19, compared with $50.33 on May 19.

“We’re awash in oil, and the biggest issue you have is global demand as a whole that’s just slowly improving but not at the pace needed to get the rebalancing,” Mark Watkins, the Park City, Utah-based regional investment manager at U.S. Bank Wealth Management, which oversees $142 billion in assets, told Bloomberg News.

At the same time, the weekly U.S. rig count increased once again. It reached 933 during the week of June 16, up six from the week before and 509 more than a year earlier, oil-field services company Baker Hughes Inc. reported.

Houston-based Baker Hughes ranks No. 14 on the Transport Topics Top 100 list of the largest private carriers in North America.

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