The average cost of fuel in the U.S. continues falling with diesel hitting its lowest price since early July. A new U.S. Energy Department report from Monday shows it stands at $3.822 per gallon, down 1 cent over the past week and 15.4 cents lower than the same time a year ago.
The average price of diesel has either declined or been unchanged for 11 straight weeks. Before this most recent string it stood at $3.981 per gallon.
Over the past week prices were either unchanged or fell in all parts of the country with the biggest being recorded in the West Coast region, down 2.2 cents for an average of $3.954 per gallon, the second highest priced part of the country.
Diesel ranges between a low of $3.745 in the Gulf Coast states, down 0.7 cents over the past week and 12 cents compared to a year ago, to a high of $3.981 per gallon in the New England sub region of the East Coast, a drop of 1 cent from a week ago and 21.6 cents lower than a year ago.
In contrast, the price of gasoline has increased 2.5 cents from a week ago for a national average of $3.219 per gallon. Despite the uptick it is 21 cents lower than the same time a year ago. The hike follows a three consecutive weekly declines.
Prices increased in all areas east of the Rockies with jumps of between 2.5 cents and just over 5 cents over the past week.
Gasoline ranges between a low of $3.004 in the Gulf Coast states, up 2.6 over the past week, but down 16.2 cents from a year ago, to a high of $3.467 in the West Coast region, down 4 cents from a week ago and 24 cents lower than a year earlier.
As for crude it fell 81 cents in trading in New York on Monday, closing at $93.03 per barrel, also down nearly two dollars from a week ago. The drop came just before the resuming six-nation talks in Geneva to curb Iran's nuclear program and concerns the Federal Reserve is about to pull back on its economic stimulus program. In early October oil was around $110 per barrel.