Average Diesel Cost Falls for Second Straight Week
May 12, 2014
UPDATED -- The price of on-highway diesel has fallen for the second consecutive week but remains above its level from the same time a year ago.
It’s down 1.6 cents from last week after declining 1.1 cent the week before, hitting a U.S. average of $3.948 per gallon. Compared to the same time in 2013 it is 8.2 cents higher.
Prices fell in all parts of the country with the biggest being recorded in New England, declining 2.4 cents, for an average of $4.157, followed by the Central Atlantic section, losing 2 cents, hitting $4.156, the two highest priced parts of the country.
The least expensive average price for diesel is in the Gulf Coast states, down 1.6 cents from last week, registering $3.797.
All regional prices are up compared to the same time last year, with some gains as large as the double digits.
Regular-grade gasoline also posted its second straight weekly drop and by the same amount as the national average of diesel, clocking in at $3.688 per gallon, which is 6.5 cents higher than the same time a year ago. Its two drops follow a series of 12 consecutive declines.
Gasoline prices fell over the past week in all regions except in the Midwest and Rocky Mountain parts, along with the West Coast, minus California, with the largest hike being less than a penny over the past week.
Compared to a year ago, the only regions showing a decline are the Midwest and Rocky Mountain sections.
Gasoline ranges from a high of $4.022 in the West Coast region to a low of $3.437 in the Gulf Coast region.
This happened as the price of oil on Monday went back over the century mark, after slipping below it on Friday at the close of trading in New York, gaining 60 cents and settling at $100.59 per barrel. Compared to a week ago the price is up by around a dollar as both the Dow Jones Industrial Average and the S&P 500 closed at record highs.