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Diesel Down For Fifth Straight Week

October 5, 2009

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The average price of diesel continued its fall for the fifth straight week, dropping another 1.9 cents to $2.582
, according to the Department of Energy. This is the lowest it has been in two months.

Since the end of August, diesel prices have slipped 9.2 cents. Prior to the declines, diesel had gained 17.8 cents since July 20. This week's average is still $1.293 below the price during the same week last year, when it was $3.875.

In California, prices averaged $2.792, the highest in the nation, followed by the West Coast and Central Atlantic regions, at $2.722 and $2.698, respectively. Prices were the lowest in the Gulf Coast and Lower Atlantic regions, at $2.518 and $2.529, respectively.

Separately, the price of gasoline continued its downward trend for the eighth week in a row, slipping another 3.1 cents. Gasoline landed at $2.468 this week, but the price is still $1.016 below the price during the same week last year. Since mid-August, the fuel has dropped 17.9 cents.

Benchmark crude rose 46 cents to $70.41 on the New York Mercantile Exchange, according to the Associated Press. The news service attributes the boost to the strong equity markets and the weak U.S. dollar.

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