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Average Diesel Cost Falls for Fourth Consecutive Week, Just Below $3.86

July 28, 2014

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UPDATED -- The cost of on-highway diesel has fallen for the fourth straight week, hitting its lowest level since last November, according to the U.S. Energy Department.

The average price has fallen 1.1 cent over the past week and is down 6.2 cents since the last increase on June 30, hitting $3.858 per gallon.

Prices fell in all parts of the country over the past week with the largest, 2.1 cents, happening in the Central Atlantic section of the country, for an average of $3.993. The smallest decline was in the Gulf Coast region, down 0.6 cent, averaging $3.767, also the least expensive section of the country.

The highest average price is in New England at $4.044, down 0.8 cent form a week ago.

Compared to the same time a year ago the overall average cost is down 5.7 cents while all sections of the country also recorded declines or the average was unchanged.

Meantime, the price of gasoline is falling even faster, losing 5.4 cents over the past week, averaging $3.539 per gallon, its fourth straight weekly drop.

Over the past four weeks gasoline has fallen 16.5 cents and is 10.7 cents lower than the same time a year earlier. 

This happened as the price of oil is also declining. On Monday it shed 42 cents in New York trading, settling at $101.67 per barrel and is down nearly $3 from last Tuesday’s opening.

The cost of crude has been moving down despite increased violence in the Middle East and continued tensions of Ukraine due to increased amounts of refining oil into fuel and a report Monday showing U.S. pending home sales slipped in June 1.1% after three months of gains.

Update adds gasoline prices.

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