The average U.S. cost of diesel has moved 1.6 cents per gallon lower over the past week to $3.977, according to new figures released by the U.S. Energy Department.
The decline is the sixth consecutive one and puts the fuel at its lowest point since late January. Compared to the same time a year ago, diesel is 17.1 cents per gallon lower.
Prices fell in all but one region of the country, with the biggest drop seen in the Gulf Coast region, where it fell 2.7 cents to 3.888 per gallon, also the least expensive of any region.
The West Coast had the only weekly increase, moving up just a tenth of a cent to $4.117 per gallon. Removing California’s average price of $4.196 from the West Coast regional average, it came in at $4.023, up 0.7 cents over the past week
The region with the highest average price is New England, a sub-region of the East Coast, down 1.4 cents to $4.134 per gallon.
Other regional prices and changes:
- East Coast, consisting of the New England, Central Atlantic and Lower Atlantic regions, down 1.6 cents to $4.009.
- Central Atlantic, down 2.1 cents to $4.062.
- Lower Atlantic, down 1.2 cents to $3.946.
- Midwest, down 1.4 cents to $3.956.
- Rocky Mountain, down 2.3 cents to $3.899.
Gasoline also continued moving lower, shedding 3.7 cents from a week ago for a national average of $3.608 per gallon. This is its sixth straight weekly drop and puts it at its lowest price level in two months.
The declines in fuel prices come as oil in New York gained 66 cents by the close of trading, settling at $93.36 per barrel. The increase follows prices declining just over 4.5% last week. Analysts say the turnaround Monday was due to some nervousness about U.S. tensions with North Korea and weekend talks between Iran and Western powers ending without any resolution.