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Diesel Prices See First Drop Since July 20

September 8, 2009

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The average price of diesel dropped 2.7 cents this week, the first decline since July 20
, according to the Department of Energy. Diesel landed at around $2.647 Monday, after gaining 17.8 cents over the last seven weeks.

Prior to the rise, the average price had fallen 12 cents from June 22. This week's average is still $1.412 below the price during the same week last year, when it was $4.059.

The price of diesel was above the national average in the state of California, where it landed at about $2.866. This was followed by the West Coast and Central Atlantic regions, with $2.786 and $2.768, respectively. The lowest prices were experienced by the Gulf Coast and Lower Atlantic regions, at $2.575 and $2.604, respectively.

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Meanwhile, gasoline fell 2.5 cents to $2.588 on average, its fourth straight decline. The price of gasoline has contracted 5.9 cents in the last month. It is $1.06 below the price during the same week last year.

Benchmark crude for October delivery rose $3.08 to $71.10 a barrel on the New York Mercantile Exchange, according to the Associated Press. The news service attributes the rise to the fact that the falling dollar is making commodities such as oil and gold more attractive to investors.

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