From thetrucker.com

WASHINGTON (Jan. 8, 2007) — The decline in oil prices showed up at the pump the first full week of 2007 as the average weekly retail on-highway price of a gallon of diesel declined 4.3 cents to $2.537, the lowest since the first week of November 2006.

The price was only 5.2 cents higher than the same time one year ago, according to the Energy Information Administration of the Department of Energy.

Reuters reports that after seeing significant strength in early trading today, the price of oil had pulled back well off its high for the session. Crude for February delivery is currently up $0.07 at $56.38 a barrel after reaching a high of $57.72 a barrel.

The early oil price increase came on the heels of reports that OPEC members are considering further production cuts in light of the steep decline by the price of oil since the start of the year and may hold a meeting before the next scheduled one March 15.

Last week, the price of oil fell $4.74 a barrel or 7.8 percent, although it regained some ground on Friday after ending Thursday’s trading at its lowest closing level in well over a year.

Diesel prices fell in every region of the country, including a 5.1-cent-a-gallon decline to $2.483 in the Midwest. The lower Atlantic states had the lowest average at $2.459, followed by the Gulf Coast states at $2.459.