The average U.S. retail price
of diesel fuel increased to $1.559 from the previous average of $1.551, the
Department of Energy reported.
The trend may continue, as Kuwaiti Energy Minister Sheikh Ahmad
al-Fahd al-Sabah said Jan. 17 OPEC may have to cut its output to offset a big
surplus in the second quarter.
"There will be a big surplus in the second quarter on the
markets, which will result in a big drop in prices; therefore, we should work
to cut production," the Kuwaiti energy minister said as reported by Reuters news
service. "But we must
be sure of this information through observation and consultations with the rest
of the OPEC countries at the upcoming meeting in February."
For the second week, the
highest average price is in frigid New England, where diesel fuel reached
$1.748; in the Central Atlantic where the price is $1.705; and in California,
at $1.672 a gallon. The lowest prices are in the Midwest, at $1.526, and on the
Gulf Coast, at $1.527.
average prices: the West Coast, where the price is $1.632; the Rocky Mountain
region, where the price is $1.540; the Lower Atlantic region, where the average
price is $1.539; and $1.598 on the East Coast.