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Diesel Cost Moves Lower for Seventh Week, Oil Near Nine-Month High

June 16, 2014

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The average price of on-highway diesel has moved lower for the seventh consecutive week, hitting a level not seen since January, according to U.S. Energy Department figures.

It’s declined 1 cent from a week ago to $3.882 per gallon, but is still 4.1 cents higher than the same time a year ago. Over the past seven-weeks diesel has moved down 9.3 cents.

Prices fell in all parts of the country over the past week, except in the Gulf Coast region, which gained just 0.1 cent for an average of $3.77, the least expensive part of the country. The highest average prices are in the New England and Central Atlantic sections, the only parts above the $4 per gallon mark, at $4.088 and $4.052, respectively.

On-highway diesel fuel prices. Credit: U.S. DOE
On-highway diesel fuel prices. Credit: U.S. DOE

Compared to a year ago, prices in all sections of the country are higher, except in the Midwest, where it has declined 2.4 cents, for an average of $3.835. In most regions they are only a few cents more from the same time in 2013, while they have posted low double-digit hikes in the East Coast region, including all of its three sub regions.

In contrast to diesel, the average cost of regular grade gasoline keeps moving up and down, shedding 1.2 cents from last week, for an average price of $3.686 per gallon. The price has been between $3.665 and $3.69 since the first of May. Compared to the same time a year ago, the current average is six cents higher.

Over the past week, prices increased in all regions of the country, with it ranging from a low $3.428 in the Gulf Coast region, to a high of $3.999 in the West Coast region.

This happened as the price of crude oil on Monday settled at $106.90 per barrel, after barely moving higher for the day in New York trading, but still holding near a nine-month high. Compared to a week ago the price is more than two and half-dollars higher. It gained 4% last week, following increasing insurgent violence in Iraq.

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