Diesel Prices Down for Two Consecutive Months

July 20, 2015

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The average price of a gallon of on-highway diesel fuel continued a now two-month-long streak of decreases, according to the latest weekly numbers from the U.S. Energy Department.

The price of a gallon of diesel fuel dropped by 3.2 cents, settling at a per gallon price of $2.782 nationally. Prices are down $1.087 compared with the same week a year ago.

When broken down by location, the largest decrease occurred in the Central Atlantic region with a drop of 5.3 cents while the smallest decrease occurred in the Rocky Mountain region with a drop of 1.7 cents.

Gasoline prices were down by an identical margin for the week, dropping 3.2 cents to a national average price of $2.802 per gallon.

While prices were mostly down across the board, the West bucked the trend by posting some slight increases. The largest decrease in price was in the Midwest region which dropped 5 cents for the week. The largest increase was posted in the Rocky Mountain region with a per-gallon gain of 2.3 cents.

California continues to buck the trend of dropping prices, gaining 1.7 cents for the week to a jaw-dropping $3.897 per-gallon price, which is nearly $1.10 more than the national average and has been increasing for the past few weeks.

Global crude oil prices continue to fall as supply outweighs demand, thanks to the Iran nuclear deal and a stronger U.S dollar, according to a report by MarketWatch.  Despite attempts to stabilize prices, crude oil prices are still dropping and could see a further drop in the coming weeks.

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