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Average Diesel Cost Falls for Fifth Straight Week

April 14, 2014

By Evan Lockridge

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The average price of diesel has moved lower for the fifth straight week and is at it lowest level in just over two months, but gasoline has posted its 10th consecutive hike. 

A new U.S. Energy Department report shows a drop of 0.7 cent for diesel from last week to $3.952 per gallon. Over the past four-weeks it is down 7 cents but is one cent higher than the same time a year ago.

Prices fell in all regions of the country except in the Lower Atlantic section, where it gained just 0.1 cent, for an average of $3.947.

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The highest average cost is in the New England part of the country at $4.22, down two cents from a week ago, while the lowest in the in the Gulf Coast region, down 0.3 cent during the same time at $3.79.

Compared to a year ago prices are slightly higher in all sections of the country except in the Gulf Coast and West Coast regions.

Meantime, the average cost of gasoline has increased for the 10th straight week, hitting its highest price since last July.

It is up 5.5 cents from last week at $3.651 per gallon. Over the past 10 weeks it has gained 35.9 cents and 10.9 cents more than compared to the same time a year ago.

Prices rage from a high of $3.977 in the West Coast region to a low of $3.438 in the Rocky Mountain region.

This happed as the price of crude oil is up, hitting its highest level since early March. It gained 31 cents in New York trading on Monday, setting at $104.05 per barrel. The hike was due to uncertainty about tensions over Ukraine and when Libya will be exporting more oil, which is just a tenth of the level it was before 2011. Over the past week crude is up by around $1.50 per barrel.

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