Fuel Smarts

Diesel Prices Keep Moving Lower as Oil Declines

August 04, 2014

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Prices for diesel and gasoline have fallen for another straight week, as oil prices have dropped.

The average cost of diesel has declined another half-cent from last week to $3.853 per gallon, its lowest price since late last November, according to U.S. Energy Department figures. Compared to the same time a year ago the price is 5.6 cents lower and is down 6.7 cents since the last increase on June 30.

Prices fell in most parts of the country, with the only increase occurring in the West Coast region, minus California, up 0.2 cent from last week, for an average of $3.93, while the Lower Atlantic average price was unchanged from last week at $3.817.

Diesel ranges from a low of $3.754 in the Gulf Coast region, down 1.3 cent from a week earlier, to a high of $4.019 in New England, down 2.5 cents during same time.

Likewise, gasoline recorded another drop, falling 2.4 cents from last week, averaging $3.515, which is 11.7 cents less than the same time in 2013. Over the past five weeks gasoline has fallen nearly 19 cents.

It ranges from a low of $3.306 in the Gulf Coast region to a high of $3.891 in the West Coast part of country.

Crude prices are down over the past week despite a slight upturn on Monday, settling at $98.29 per barrel on Monday in New York trading.

Compared to last Tuesday’s opening price, it is down $3.31 cents. Prices hit a six-month low last week due to concerns about weak demand for gasoline during the summer driving season, but gained 41 cents on Monday due to continued violence in Iraq as well as Libya, where 22 people died over the weekend.

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