Diesel Cost Falls for Third Week, Gasoline Posts Eighth Straight Increase
March 31, 2014
The average cost of diesel in the U.S. has fallen 1.3 cents from last week, according to new figures released late Monday afternoon by the U.S. Energy Department.
At $3.975 per gallon, this is the third straight weekly decline and the lowest price since early February. The last time diesel increased was the second week of March, when it hit $4.021, its highest level in nearly a year.
Compared to a year ago the current national average is 1.8 cents less.
Prices fell in all regions of the country, except in the Gulf Coast states, where it increased 0.4 cent, for an average of $3.804 per gallon, also the least expensive section of the country.
The most expensive average cost is in the New England section, down 2.4 cents from last week, averaging $4.255 per gallon.
In contrast, the average price of gasoline increased 3 cents from last week, hitting $3.579 per gallon, but down 6.6 cents form the same time last year.
This is gasoline’s eighth straight weekly increase and puts it at its highest level since last September.
Prices range from a low of $3.343 in the Gulf Coast region, to a high of $3.852 in the West Coast part of the country.
As for the price of crude oil it barely moved on Monday in New York trading, falling just 9 cents and settling at $101.58 per barrel. However, compared to a week ago the price is up nearly two and half-dollars and just 3.2% less than the high for the year.
The gains have been fueled geopolitical concerns involving Crimea, a bullish feeling in the market about the price of oil and supply draw downs due to the new southern leg of the Keystone pipeline increasing the amount of oil heading to Gulf Coast refineries.