Average Diesel Cost Falls to Lowest Price in More Than a Year
August 25, 2014
There seems to be no letting up when it comes to recent declines in the average price of on-highway diesel, with it hitting its lowest level since July 2013.
It has fallen for the eighth consecutive week, according to the U.S. Energy Department, down 1.4 cents from a week ago, at $3.821 per gallon. The price of the fuel is down 9.9 cents since its last increase at the end of June and is 9.2 cents lower than this time last year.
The only price increase in any part of the country over the past week was in the Rocky Mountain region, up 0.4 cent to an average of $3.875. Compared to the same time in 2013 prices in all parts of the country are lower by 4.5 cents or more.
Current average prices range from a low $3.732 per gallon in the Gulf Coast region, down 0.7 cent from last week, to a high of $4.010 in the West Coast region, down 0.5 cent during the same time.
The average cost of regular gasoline is also keeping up with its unbroken string of seven drops, falling 1.8 cent this week from last, hitting $3.454, which is 9.8 cents less than the same time in 2013.
Prices range from a low of $3.238 per gallon in the Gulf Coast region to a high of $3.825 in the West Coast region. All regions, except for the Midwest, posted declines over the past week.
All this happened as the price of crude fell 30 cents in New York trading on Monday, setting at $93.35 per barrel, which is down $3.21 from last Tuesday’s opening price, due to abundant supplies and weaker demand from the U.S. and China and helping to mute any effects from overseas hot spots such as the Middle East, Libya and Ukraine.