Another week and another decline in the price of fuel, with diesel hitting its lowest level since last August.
New figures released by the U.S. Energy Department show the average retail cost is down 5.5 cents over the past week to $3.887 per gallon. This is the eighth consecutive weekly decline as the fuel is down just over 27 cents since its last increase on Feb. 25. Compared to the same time a year ago the price is 19.8 cents lower.
All of the nation’s regions saw prices drop, with the biggest decline in New England, where it fell 7.8 cents to an average of $4.027, also the highest price of any region. The Gulf Coast reported the lowest average regional price, falling 5 cents to $3.802.
Other regional prices and changes:
- East Coast made up of the New England, Central Atlantic and Lower Atlantic sub-regions, down 5.3 cents to $3.924.
- Central Atlantic, down 5 cents to $3.982.
- Lower Atlantic, 4.9 cents to $3.862.
- Midwest, down 5.5 cents to $3.868.
- Rocky Mountain, down 3.6 to $3.846.
- West Coast, down 7.6 cents to $3.99.
- California, down 6.8 cents to $4.079.
- West Coast, minus California, down 8.5 cents to $3.885.
The average U.S. cost of gasoline also kept up its streak of eight straight declines, falling 0.6 of a cent over the past week to $3.536 per gallon, down 33.4 cents from the same time a year ago.
The price spread throughout the country for gasoline ranges from a low of $3.324 in the Gulf Coast Region to a high of $3.836 along the West Coast. Only one region reported any increase, the Midwest, rising just under a penny to $3.546.
Crude oil on Monday gained 75 cents by the close of trading in New York, settling at $88.76 a barrel, up less than a dollar over the past week. Prices last week, the lowest so far this year, led some investors on Monday to buy up oil over concerns that weaker prices could lead OPEC-member nations to cut crude production to drive up its cost.