Average Diesel Price Reverses Course, Gasoline Falls After 12 Straight Hikes

UPDATED --The average cost of on-highway diesel has moved slightly lower over the past week, following two straight weekly increases, according to a new U.S. Energy Department report.

It fell 1.1 cent to $3.946 per gallon, after gaining 2.3 cents the previous two weeks, but is still 11.9 cents higher than the same time a year ago.

Prices declined in all parts of the country over the past week, with the biggest drop recorded in New England, 2.7 cents, with the area still having the highest price of any section of the country.

The least expensive region is Gulf Coast, down 1.1 cent from a week ago, for an average of $3.813.

Compared to a year ago every section of the country has higher prices, between 6.7 cents and 26.5 cents more.

As for regular-grade gasoline, it finally broke a streak of 12 straight weekly hikes, falling 2.9 cents over the past week, for an average of $3.684 per gallon, but is still 14.6 cents higher than the same time a year ago.

During this recent increase gasoline moved 41.2 cents higher since its last decline, with it hitting its highest level in more than a year.

Over the past week, gasoline fell in all parts of the country, except for the Rocky Mountain region, where it gained 1.9 cent from last week, for an average of $3.501.

Gasoline ranges from a low of $3.465 in the Gulf Coast region, down 2.6 cents from last week, to a high of $4.055 in the West Coast region, down 1.8 cent during the same time. 

Meantime, the price for oil fell on Monday by 28 cents in New York trading, settling at $99.48 per barrel. The decline was due to a report showing manufacturing in China was slowing more than expected, beating out concerns over how geopolitical tensions over Russia’s involvement in Ukraine may affect oil supply and demand.

Compared to a week ago oil is down $1.41 cents, due in part to a report last week showing the U.S. economy barely grew in the first quarter of the year .

Update adds gasoline prices.