Drivers

Diesel, Gasoline Prices Retreat While Oil Moves Higher

July 01, 2013

By Evan Lockridge

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Prices for oil and gasoline have turned lower over the past week while crude oil is approaching the $100 per barrel level again.

The U.S. Energy Department reports the average cost for diesel has given up 2.1 cents over the past week, registering $3.817 per gallon.

This is the sixth consecutive week it has moved lower and the largest during the time, declining a little more than 7 cents since the last weekly increase on May 20.

Compared to the same week in 2012, diesel is 16.9 cents per gallon higher, but it's currently at its lowest level since late July of last year.

Diesel prices dropped in all parts of the country, ranging from a low of $3.731 in the Lower Atlantic sub-region of the East Coast region, down 2.7 cents from a week ago, to a high of $3.971 in the New England sub-region of the East Coast region, down 1.3 cents.

Gasoline prices recorded the fourth straight weekly drop, falling 8.1 cents over the past week for a U.S. average of $3.496.

Like diesel, prices for gasoline fell in all parts of the country. It ranges from a low of $3.312 in the Gulf Coast region, down 6.5 cents over the past week, to a high of $3.892 in the West Coast region, down 5.6 cents.

Compared to the same time a year ago gasoline is 14 cents per gallon higher, but it at its lowest level since late January.

As for oil it picked up $1.43 in New York trading on Monday, settling at $97.99 per barrel, its highest closing prices since June 19. Over the past week it has gained nearly $3 and is 5.2% higher for the first half of this year.

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