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Average Fuel Prices Down for Third Consecutive Week

May 19, 2014

By Evan Lockridge

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Average prices for on-highway diesel and gasoline have each moved lower for the third straight week, according to the U.S. Energy Department.

Trucking main fuel is 1.4 cent less, registering $3.934 per gallon, its lowest level since late January. Compared to the same time a year ago it is 4.4 cents higher, while it is down 4.1 cents since its last weekly hike.

Price declines were reported in all sections of the country, with the largest being two cents in the Central Atlantic and Midwest sections , averaging $4.136 and $3.901, respectively.

Credit: U.S. DOE
Credit: U.S. DOE

The most expensive price is New England at $4.139, down 1.8 cent from last week, while the least expensive price is found in the Gulf Coast region at $3.791, down 0.6 cent during the same time.

Meantime, the average cost of regular-grade gasoline edged down 0.3 cent from last week, $3.665 per gallon, 0.8 cent less than the same time in 2013.

Despite the overall drop, prices increased by the 1.5 cent in the Midwest region, hitting $3.611, and 0.2 cent in the Gulf Coast states, averaging $3.439, also the lest expensive part of the country, while prices in all other regions were down over the past week.

The highest regional average is the West Coast, $4.015, down 0.7 cent from last week.

This happened as the price of crude oil gained 59 cents in New York trading on Monday, settling at $102.61 per barrel, hitting a four-week high. It  extended gains from last week in the wake of stronger economic data and the upcoming start over the summer driving season along with supply concerns. Compared to a week ago the black gold is up around $2 per barrel.

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