Retail diesel prices continued to fall this week, seeing an average decrease in the US of five cents to hit $2.51. The 27-week average is now at $2.80.
The New England region saw the largest fall of seven cents to $2.67, bringing the 27-week average price to $3.05. Despite the large fall, the region does not have the lowest diesel prices-- the Gulf Coast currently holds that position at $2.38. The Rocky Mountain region saw the smallest drop of only three cents.
Crude oil prices have once again been making headlines, dipping into the upper $30s and lower $40s per barrel. In an article last week (farmdoc daily, August 19, 2015), it was shown that real (inflation-adjusted) prices of crude of oil and gasoline have fallen back to levels prevailing more than a decade ago.
Prices vary slightly, but flat in many market locations. At the start of the report week, temperatures were generally above average in the East, South, and West, though below average in the Midwest and Rockies.
There is just about a month left for producers to make election decisions on their 2016 Margin Protection Program coverage this fall. This year the environment is much different than last year's signup period with major world economies showing signs of stress and dairy product prices falling. We are offering a webinar that will:
U.S retail diesel prices dropped an average of five cents to $2.56 this week, bringing the 27-day average price to $2.82. The West Coast, Gulf Coast and New England regions saw the largest drop of six cents, while the Rocky Mountain region saw the smallest of only three cents. The Gulf Coast region has the lowest gas prices in the country at $2.41 this week. The Central Atlantic region has the highest at $2.78.