Diesel Prices Stable as Oil Falls Below $100
October 22, 2013
After falling for five straight weeks the average cost of diesel remains the same this week from the week before, according to the U.S. Energy Department.
It registered $3.886 per gallon, which is the lowest price since mid-June and 23 cents lower than the same time a year ago.
Prices barely moved in most of the different regions of the country with the biggest drop recorded in the Rocky Mountain states, falling 1.4 cents over the past week, for an average of $3.857 per gallon.
Diesel ranges from a low of $3.80 in the Gulf Coast region, up 0.3 cents over the past week, to a high of $4.049 in the West Coast region, 0.2 cents per gallon higher during the same time.
In contrast gasoline posted its first hike in several weeks, adding 0.6 cents over the past week for a national average of $3.36 per gallon, but it’s 32.7 cents lower than the same time a year ago. The weekly hike is the first after six weeks of declines.
It ranges from a low of $3.129 in the Gulf Coast region, an increase of 2.2 cents over the past week, to a high of $3.655 in the West Coast states, a drop of 2.9 cents during the same time.
This happened as oil on Monday fell below $100 dollar per barrel in New York trading on Monday, down $1.59 for the day, settling at $99.22 per barrel, which is nearly $3 lower from a week ago. This is the first time it has closed below $100 since July. The drop is due to increasing supplies of U.S. crude and the threat of conflicts in the Middle East relatively subsiding.