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Average Cost of Diesel Lowest Since Mid-July

October 28, 2013

By Evan Lockridge

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The price of fuel continues easing along with the price of oil.

Figures released late Monday afternoon by the U.S. Energy Department show the cost of diesel is down 1.6 cents over the past week for a national average of $3.87 per gallon.

Not only is the price 16 cents lower from the same time a year ago, the drop is the sixth out of the last eight weeks, and is at its lowest since mid-July.

Prices declined in all regions of the country over the past week with the biggest being recorded in the Lower Atlantic sub region of the East Coast, falling 2.2 cents to $3.818 per gallon.

The range from a low of $3.783 in the Gulf Coast region, down 1.7 cents form a week ago, to a high of $4.036 in the West Coast region, 1.3 cents less than a week ago.

Meantime, the average cost of gasoline has shed 6.6 cents over the past week for a U.S. average of $3.294 per gallon, down 27.4 cents from the same time a year ago. It increased last week just a bit following a string of drops that started in early September.

Prices fell in all parts of the country with the biggest one recorded in the Rocky Mountain region, losing 5.8 cents, for an average of $3.368 per gallon.

Gasoline ranges from a low of $3.072 in the Gulf Coast region, down 5.7 cents over the past week, the second biggest decline over the past week, to a high of $3.609 per gallon in the West Coast region, a drop of 4.6 cents during the same time.

The declines came as oil on Monday in New York trading added 83 cents, settling at $98.68 per barrel. Despite the uptick it is down slightly from a week earlier when it closed at $99.06 per barrel.

The Monday hike in oil was its third consecutive daily increase as traders tried to digest mixed economic news. 

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