The price of diesel is a good indicator as to how shipping, logistics and manufacturing are faring at the moment. These are key parts of most businesses and therefore a large indication of the health of the economy as a whole. Whenever the price of diesel drops, it doesn’t fix the economy but it certainly helps lower business costs.
The average price of diesel fuel in the United States declined 1.7 cents a gallon to $2.517, the Department of Energy reported Sept. 14.
The price of diesel is comparable with what it was in July 2009. The decline follows a 2-cent increase last week that was the first rise since Memorial Day.
The national average for trucking’s main fuel was cheaper by $1.284 a gallon from a year ago, DOE’s Energy Information Administration said after its weekly survey of fueling stations.
Retail prices for the fuel declined in all major regions of the country. The largest was a 2.2-cent drop in the Central Atlantic.
Gasoline tumbled 6.2 cents to $2.375 a gallon. That follows a 7.3-cent decline the prior week. The price of gas fell in every region, with the West Coast’s 9.9-cent drop being the largest.
West Texas Intermediate crude for October delivery fell 63 cents to settle at $44 a barrel on the New York Mercantile Exchange, the lowest close since Aug. 27, Bloomberg News reported.
The price of oil is down almost 30% from its closing peak in June. The International Energy Agency predicts crude stockpiles won’t diminish until the second half of next year and said even that forecast might be derailed if Iran can boost exports after the removal of sanctions, Bloomberg reported.
By Staff and Wire Reports
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