Diesel & Oil Prices Fall, Gasoline Squeaks Slightly Higher
June 03, 2013
The prices of diesel and oil moved lower over the past week, while gasoline has barely edged higher.
New figures released Monday from the U.S. Energy Department show the average cost of diesel has fallen 1.1 cents over the past week to $3.869 per gallon. This is the second consecutive weekly decline. Despite the drop, the price is 2.3 cents per gallon higher than the same time a year ago.
Prices fell in all DOE regions of the country, except in the Rocky Mountains, were it rose 0.3 cents to an average of $3.866. All other regions recorded declines of at least half a penny to nearly two cents.
Prices range from $3.984 in the New England sub-region of the East Coast region, down 0.7 cents over the past week, to $3.77 in the Gulf Coast region, half a cent less during the same time.
In contrast, gasoline prices rose 0.1 cent over the past week for a national average of $3.646 per gallon, after declining nearly three cents last week from the week before. The new figure is 3.3 cents per gallon higher than the same time a year ago.
Price increases were reported in the Rocky Mountain and Midwest region, where the average gained 5.9 cents for an average of $3.838, the second highest spot in the country, while declines were registered in all other regions.
Gasoline now averages between a high of $3.889 in the West Coast region to a low of $3.34 in the Gulf Coast part of the country.
The price of oil closed at $93.45 per barrel Monday in New York, gaining $1.48 on the day despite a report showing manufacturing in the U.S. was contracting, amid expectations the Federal Reserve will keep moving to stimulate the American economy. Despite the Monday increase the price is down a little more than $1.50 since last Tuesday, the day after Memorial Day. Floor trading was closed for the Monday holiday.