UPDATED – The price of diesel has declined to a level not seen since late last July, according to the new weekly roundup of prices from the U.S. Energy Department.
It has fallen 0.3 cents in the past week for a U.S. average of $3.838 per gallon. This is the fifth weekly drop, pushing it just over 5 cents lower since it began its recent series of downturns in late May.
Compared to the same week a year ago, the current price is 16 cents per gallon higher.
Prices increased in about half of the different regions and sub-regions of the country, with the biggest hike being seen in the West Coast region, moving up 0.9 cents for a average of $3.963 per gallon, the second highest priced part of the country.
Averages among the different regions range from a low of $3.74 in the Gulf Coast states, down 0.1 cent over the past week, to a high of $3.984 in the New England sub-region of the East Coast Region, up 0.4 cents over the past week.
Gasoline also continued its downward trend, with the average U.S. cost falling 4.9 cents this week from last, registering $3.577 per gallon. The drop is the third week in a row and compares to a price of $3.655 when it last increased on June 10.
The current price is 14 cents per gallon higher than a year ago.
Over the past week gasoline prices fell in all regions of the country, except for the Central Atlantic sub-region of the East Coast, adding 1.4 cents to $3.547 and the West Coast, where it gained 6 cents for $3.948, the highest priced region in the country.
The least expensive region for gasoline was the Gulf Coast, falling 0.1 cent to $3.377.
Crude oil futures gained $1.49 in New York trading on Monday closing at $95.18 per barrel. However, that’s down more than two and half dollars form its closing price a week ago, when it hit its highest level of the year.
All this came following the U.S. Supreme Court on Monday morning handing down a ruling leaving intact a plan by the U.S. Environmental Protection Agency allowing concentrations of ethanol of up to 15% in part of the nation’s gasoline supply.
A mandate of E15, as it’s also known, is opposed by a group of different business interests, including oil companies, some of whom say the introduction of greater alcohol content into some gasoline engines could lead to mechanical problems and high repair bills.
EPA claims there is no such evidence, especially for vehicles made since 2001.
Currently most gasoline sold in the U.S. has a blend of 10% ethanol, otherwise known as E10.
Update adds gasoline prices.