Oil Price Information Service Tracks Diesel Price Plunge
WASHINGTON, D.C. --- According to Oil Price Information Service, wholesale diesel prices have plunged by an average of more than 3.75 cents per gallon per business day since mid-July.
OPIS said it has documented drops in every U.S. bulk market, including an unprecedented decline of $1.07/gal on the U.S. West Coast. The diesel drop has "outpaced the slump for crude, gasoline, and heating oil, but there are worries that low historical inventories -- as well as a revival of foreign exports from U.S. ports -- could promote a strong rebound in prices during late 2008 or early 2009," OPIS reported.
OPIS just completed a synopsis of 25-year supply statistics as well as a look at some of the unprecedented summer pricing swings. To view the statistics, click here.