Diesel Declines For The First Time In Weeks, Still Near Four-Year High

March 4, 2013

By Evan Lockridge

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Following six consecutive weeks of increases, the average price of diesel has fallen over the past week, but is still not far from a more than four-year high.

The U.S. Energy Department reported Monday a decline of 2.9 cents for an average of $4.13 per gallon. Compared to the same time a year ago the price is up less than 4 cents.

Prices declined in all regions of the country, with the biggest in New England, to 4.6 cents to $4.298 per gallon. However, it still had the highest average price of any region. The Rocky Mountain states had the lowest average cost of the different regions at $4.047, down 1 cent from last week.

Other regional prices and changes over the past week are:

  • East Coast, $4.167, down 3.4 cents
  • Central Atlantic, $4.235, down 2.7 cents
  • Lower Atlantic, $4.092, down 3.7 cents
  • Midwest, $4.085, down 3.6 cents
  • Gulf Coast, $4.065, down 2.4 cents
  • West Coast, $4.28, down 1.9 cents
  • California, $4.341, down 2.4 cents

Like diesel prices, the cost of gasoline followed the same path, with the average U.S. cost declining 2.5 cents over the past week, coming in at $3.759 per gallon. Prices in all regions fell, except in the Rocky Mountain states, which has the least expensive price at $3.476. The West Coast has the highest gasoline average at $4.069

Crude oil futures fell Monday to the lowest level of the year in New York, closing at $90.12 per barrel. A month ago it was close to hitting $100 per barrel. Analysts say traders believe the $85 billion of cuts in the federal sequestration will drive down demand for the black gold.

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