Average Diesel Price Falls to $3.894 as Oil, Gasoline Drop
July 14, 2014
On-highway diesel fuel prices. Credit: U.S. DOE
The average U.S. cost of on-highway diesel has declined for the second straight week, hitting $3.894 per gallon, according to new U.S. Energy Department figures, as oil prices are also lower.
The 1.9 cent drop follows a 0.7 cent decline the week before, but trucking’s primary fuel remains 2.7 cents higher than the same time a year ago.
The biggest decline in the country was in the Midwest, 2.5 cents from last week, for an average of $3.837, one of only two regions, along with the Gulf Coast, where prices are less than they were the same time in 2013. The smallest weekly drop was in the Rocky Mountain region, 1.3 cent, for an average of $3.896.
Diesel ranges from a low of $3.787 in the Gulf Coast region, down 1.5 cent from last week, to a high of $4.078 in New England, a two cents decline during the same time.
The average cost of regular-grade gasoline also fell on Monday by 4.3 cents compared to the previous week, hitting $3.635, and is down 0.4 cent compared to the same time last year.
Prices fell in all parts of the country, except for a 0.2 cent upturn in the Rocky Mountain region, averaging $3.644.
Gasoline ranges from low of $3.44 in the Gulf Coast region to a high of $4.001 in the West Coast region.
This came as the price of crude oil edged just 8 cents higher in New York trading on Monday, settling at $100.91 per barrel, but is down considerably from last Tuesday’s opening price of $103.39. Crude is near a two-month low while the price is up only 2.5% so far this year, as U.S. crude inventories rose last week, according to the U.S. Energy Department.