Diesel Declines For The First Time In Weeks, Still Near Four-Year High
March 04, 2013
Following six consecutive weeks of increases, the average price of diesel has fallen over the past week, but is still not far from a more than four-year high.
The U.S. Energy Department reported Monday a decline of 2.9 cents for an average of $4.13 per gallon. Compared to the same time a year ago the price is up less than 4 cents.
Prices declined in all regions of the country, with the biggest in New England, to 4.6 cents to $4.298 per gallon. However, it still had the highest average price of any region. The Rocky Mountain states had the lowest average cost of the different regions at $4.047, down 1 cent from last week.
Other regional prices and changes over the past week are:
- East Coast, $4.167, down 3.4 cents
- Central Atlantic, $4.235, down 2.7 cents
- Lower Atlantic, $4.092, down 3.7 cents
- Midwest, $4.085, down 3.6 cents
- Gulf Coast, $4.065, down 2.4 cents
- West Coast, $4.28, down 1.9 cents
- California, $4.341, down 2.4 cents
Like diesel prices, the cost of gasoline followed the same path, with the average U.S. cost declining 2.5 cents over the past week, coming in at $3.759 per gallon. Prices in all regions fell, except in the Rocky Mountain states, which has the least expensive price at $3.476. The West Coast has the highest gasoline average at $4.069
Crude oil futures fell Monday to the lowest level of the year in New York, closing at $90.12 per barrel. A month ago it was close to hitting $100 per barrel. Analysts say traders believe the $85 billion of cuts in the federal sequestration will drive down demand for the black gold.