The U.S. average retail price of diesel fell 3.2 cents to $2.316, according to the Department of Energy, while oil prices climbed out of last week’s bear market.
Diesel is 30.1 cents cheaper than it was a year ago, when the price was $2.617, DOE said after its Aug. 8 survey of fueling stations.
Trucking’s main fuel was down in every region.
Meanwhile, the U.S. regular gasoline average price fell 0.9 cent to $2.15 a gallon, 47.9 cents cheaper than a year ago, DOE’s Energy Information Administration reported. It was gasoline’s lowest average price since April 18 when it was $2.137.
Gasoline prices were down in all regions except the Midwest, where it rose 4 cents to $2.115.
Crude oil futures on the New York Mercantile Exchange closed Aug. 8 at $43.02 per barrel.
That was up from $40.06 on Aug. 1, when West Texas Intermediate crude oil closed 22% below its June peak, meeting the common definition of a bear market, according to Bloomberg News.
However, “Higher oil demand is expected in the third and fourth quarters,” Mohammed Bin Saleh Al-Sada, Qatar’s Minister of Energy and Industry and current OPEC president, said in a statement.