Diesel average drops nearly 2 cents per gallon to $2.565

The average price per gallon of diesel gasoline dropped 1.8 cents to $2.565 per gallon, according to the Department of Energy’s Energy Information Administration.

This follows a 1.2-cent decline last week from $2.595 to $2.583. These two declines were preceded by a $2.595 average the week of April 24 and a $2.57 average the week of April 17, which matched the highest average price per gallon for 2017 recorded the week of January 9.

On an annual basis, this week’s price is up 29.4 cents annually.

The average price per barrel of West Texas Intermediate Crude is currently trading at $46.28 per barrel on the New York Mercantile Exchange. 

The Financial Times reported last week that WTI fell below $44 per barrel last week for the first time since November 15 “amid a resurgence in the US shale industry and as Opec struggles to curb supplies.”