In all areas of the country, diesel prices slid by about 2 or 3 cents a gallon, the U.S. Energy Information Administration reported Monday, with the national on-highway average at $3.063, down 2.3 cents from last week’s $3.086.
That’s a good thing for truckers, who have seen diesel prices creeping back up in the past few months.
The Lower Atlantic ($2.966), Gulf Coast ($2.851) and Rocky Mountain regions ($2.972) are the last bastions where diesel is below $3 a gallon, according to the EIA, and California still has the most expensive diesel at $3.689.
The West Coast Less California reporting sector saw diesel prices dip the most, by 3.7 cents a gallon, while New England saw prices dive by 3.4 cents a gallon.
The International Energy Agency, a policy adviser to countries, says in its monthly report that "in 2018, fast rising production in non-OPEC countries, led by the U.S., is likely to grow by more than demand,” The Associated Press reported. And that could continue to drive oil prices and consequently diesel prices, down.
A recent, steady increase in the price of oil has seen more U.S. producers in particular come back on line. That's because U.S. shale oil extraction requires higher selling prices to break even than production in states like Saudi Arabia.
The Paris-based IEA said Tuesday that the current situation is "reminiscent" of a wave of U.S. shale growth that preceded the 2014 crash in energy prices, according to AP.
For more details of diesel prices around the country, click here.