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Diesel prices are down for second straight week, reports EIA

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The average price per gallon of diesel gasoline headed up for the second straight week, according to data issued by the Department of Energy’s Energy Information Administration (EIA).Decreasing 1.6 cents to $2.569 per gallon, this week’s price follows a 1.2 cent decrease last week. On an annual basis, the average price per gallon is up 49.8 cents.The last two weeks of gains were preceded by gains over the previous seven weeks, with the average price per gallon increasing a cumulative 17.7 cents from the week of November 28 to the week of January 9.The average price per barrel of West Texas Intermediate Crude is at $53.19 on the New York Mercantile Exchange.A Reuters report said that oil prices were steady as news of lower production by OPEC and other key exporters was balanced by reports of more drilling and higher output in the United States. And it added that U.S. oil production has risen by more than 6 percent since mid-2016, though it remains 7 percent below the 2015 peak. It is back to levels reached in late 2014, when strong U.S. crude output contributed to a crash in oil prices.

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