Drivers

Diesel Falls to Lowest Price Since July, Crude Hits Highest Level Since September

June 17, 2013

By Evan Lockridge

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The price of fuel has moved lower while oil is at a level not seen since last year.

Diesel has declined 0.8 cents per gallon over the past week for a U.S. average of $3.841 per gallon, it’s lowest since last July. This marks the fourth straight drop, placing it just over a nickel lower than where it was the last time it moved higher, while the current price is 11.2 cents per gallon higher than the same time a year ago.

Despite the overall slight decline, prices for diesel moved less than a penny higher in two sub-regions of the East Coast, New England and Central Atlantic, along with the West Coast region. All other regions reported declines, with the largest coming from the Midwest, down 1.8 cents for an average of $3.859, but just over 20 cents higher than the same time a year ago.

Diesel ranges between a low of $3.741, in the Gulf Coast region, down 0.7 cents over the past week, to a high of $3.98 in New England, up 0.2 cents over the same time.

Gasoline continued its recent trend of seesawing up and down in recent weeks, declining 2.9 cents this week from a week ago for a U.S. average of $3.626, down 2.9 cents, but up 9.3 cents from the same time in 2012.

Prices increased in roughly half the different sub-regions and regions of the country, with costs ranging from a low of $3.378 in the Gulf Coast, up 3.9 cents over the past week, to a high of $3.88 in the West Coast region, up one cent from a week ago.

The declines in diesel and gasoline come as oil has moved higher over the past week in New York trading, setting at $97.77 per barrel on Monday, up nearly around $2 from a week ago, after going as high as $98.74 during Monday trading, it highest price since last September. Analysts say the increasing prices are due to worries about conflicts in the oil-rich Middle East, including the civil war in Syria. 

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