Diesel prices dip but remain over $3 per gallon for fifth straight week

The United States Department of Energy’s Energy Information Administration (EIA) reported that the average cost per gallon of diesel gasoline fell 2.3 cents this week to $3.063 per gallon.

But even with the decline, the average price per gallon has topped the $3 per gallon mark for the last five weeks, coming in at $3.086, $3.028, $3.025, and $3.070, respectively during that period.

Compared to the same week a year ago, the diesel average is up 49.8 cents.

The average price per gallon of West Texas Intermediate Crude oil is trading at $59.29 per barrel, which is down from last week’s $64.15 per barrel.

Reuters recently reported that a chief concern as it relates to oil prices is rising production in the United States which is undermining efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to tighten markets and prop up prices.