Diesel Hits Yearly Low Heading Into Thanksgiving Week

November 24, 2015

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Source: EIA
Source: EIA

Diesel and gasoline prices decreased across the country in the week before Thanksgiving, according to the latest numbers from the Energy Department.

The average price of on-highway diesel fuel dropped 3.7 cents for the week reported on Nov. 23, settling at $2.445 per gallon - the lowest average price of the year so far. The price is $1.183 cheaper than the same week a year ago.

Prices were down across the board by region, with the largest decrease in prices coming to the Midwest at 5.3 cents per gallon. The smallest drop in prices was in the Rocky Mountain region at 1.4 cents per gallon.

In the same week, the national average price of gasoline dropped considerably, falling 8.4 cents to $2.094 per gallon. The price is 72.7 cents cheaper than in the same week last year.

Regionally, the largest gas price decrease by region was in the Midwest with a 15-cent per gallon drop in prices. The was recorded in New England with a 2-cent drop per gallon.

Crude oil prices saw a significant single-day gain on Tuesday as tensions continued to rise in the Middle East, according to a report by Market Watch. In addition to the conflict in Syria and Iraq, Turkey reportedly shot down a Russian jet that crossed into its airspace.

Also contributing to increases are expected declines in crude oil inventories as production in the U.S. adjusts to weaker demand.

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