Diesel Prices Are Down Over 82 Cents in 12 Months
February 08, 2016
The average price of a gallon of diesel fuel fell last week to a level that is 82 cents cheaper than a year ago, according to the latest numbers from the Energy Department.
The national average price of on-highway diesel fuel fell 2.3 cents last week, settling at $2.008. Prices have been in a near continuous free fall for over a year now and are currently 82.7 cents cheaper than the same week in 2015.
Prices were down in all parts of the U.S. with the largest drop coming to the Rocky Mountain region at 5.5 cents. The smallest change in prices was seen in the Midwest where a gallon dropped by only 1.2 cents for the week.
Regular gasoline followed the same path, falling 6.3 cents to a national average per-gallon price of $1.759. The price is 43.2 cents cheaper than it was 12 months earlier.
The largest drop in prices was in the Midwest which saw a 10.4 cent drop for the week while the smallest decrease was in the Central Atlantic region at 3.5 cents.
Crude oil prices hovered at or below $30 per barrel on Monday as the supply of oil continues to outweigh global demand, according to a report in Market Watch. Despite the fact that demand for oil has dropped in both the U.S. and China, when two major oil producers in Saudi Arabia and Venezuela met over the weekend, they made no plans to cut production.