The average cost of diesel and gasoline in the United State has retreated slightly after some recent gains.
The U.S. Energy Department’s weekly roundup, a day later than usual due to Memorial Day, shows the average price of a gallon of diesel has fallen 1 cent to $3.88 per gallon, following two straight weekly increases totaling 4.5 cents. The current price is less than two cents lower than the same time a year ago.
Prices were mixed in the various parts of the country, with no change recorded in the Gulf Coast region and the New England sub-region of the East Coast, at $3.775 and $3.991, respectively. The Gulf Coast has the least expensive average cost while New England is the highest.
Prices moved higher in the Central Atlantic sub-region of the East Coast region by 0.3 cents to $3.928 and by 1.5 cents to $3.863 in the Rocky Mountain region.
All other regions recorded a drop with the largest being in the West Coast region, losing 2.2 cents to $3.986 per gallon.
The average price of gasoline fell 2.8 cents during the same time period to $3.645. Gasoline prices had posted thee consecutive weekly hikes where it picked up just over 15 cents.
Gas prices range from a low of $3.366 in the Gulf Coast region to $3.933 in the West Coast Region. Both regions along with the Midwest showed declines over the previous week while prices in all other parts of the country headed higher.
Oil on Tuesday settled at $95.01 per barrel at the close of trading in New York. Although it added 86 cents on the day, it’s down a little more than $1.50 from a week ago yesterday. The Tuesday jump was attributed in part to a report showing consumer confidence in the U.S. increased significantly this month to a more than five-year high, following a hike in April.