Diesel Fuel Prices Level After Three Months of Consistent Decline
USAgNet - 02/08/2019
After more than a three-month steady decline, during the past two weeks U.S. average on-highway diesel fuel prices leveled out near $2.966 per gallon.
Prices increased only 0.1 cents during the week ending February 4, but were 12 cents below the sae week last year.
According to the Energy Information Administrationís latest Short-Term Energy Outlook, crude oil prices also fell in November and December after October averages reached the highest level since October 2014.
EIA officials say the price decline in late 2018 largely reflected rising oil inventories as a result of record levels of crude oil production from the United States, Russia, and Saudi Arabia.
Prices also fell as a result of uncertainties about global economic indicators and future oil demand growth.