Drivers

Fuel Prices Fall for Seventh Straight Week, Oil Lowest Since Mid-December

April 15, 2013

By Evan Lockridge

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The average U.S. price of diesel shows no signs of stopping its recent series of declines, falling another 3.5 cents this week to $3.94.2 per gallon.

The drop puts the fuel at its lowest level in just over two and a half months and is 18.5 cents per gallon lower than the same time a year ago. Over the past seven weeks, diesel has declined 21.7 cents.

Prices fell in all of the nation’s regions over the past week, with the largest being seen in the West Coast, losing 5.1 cents to $, 4.066, also the second highest region in the nation.

The highest regional price is in New England at $4.105, down 2.9 cents while the Gulf Coast has the lowest price of any region at $3.852, down 3.6 cents.

Other regional prices and changes:

  • East Coast, which includes the New England, Central Atlantic and Lower Atlantic sub-regions, down 3.2 cents to $3.977.
  • Central Atlantic, down 3 cents to $4.032.
  • Lower Atlantic, down 3.5 cents to $3.911.
  • Midwest, down 3.3 cents to $3.923.
  • Rocky Mountain, down 1.7 cents to $3.882.
  • West Coast, down 5.1 cents to $4.066.

Minus California, West Coast prices recorded a 5.3 cents decline over the past week for an average of $3.97, while California’s average price for diesel fell 4.9 cents to $4.147.

The decline in diesel prices came on the same day the price of oil in New York trading lost $2.58, closing at $88.71 per barrel, its lowest price since mid-December and a more than $5 falloff over the past week.

The drop in crude is being attributed to news that China’s economy didn’t expand in the first three months of the year as much as economists were expecting. Also, Brent crude on the European market on Monday fell closer to $100 per barrel mark, a nine month low.

Meantime, gasoline also fell for the seventh straight week, with the national average declining 6.6 cents to $3.542 per gallon. Over the past seven weeks it’s down 24.2 cents per gallon.

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