The average cost of diesel is down for the second straight week and is at it lowest level since early July.
The U.S. Energy Department reports a decline of 1.3 cents over the past week for a national average of $3.857 per gallon. The price is 15.3 cents lower than the same time a year ago.
Prices fell in all regions of the country, with the largest recorded in the West Coast region, falling 2.1 cents over the past week, for an average of $4.015 per gallon, also the highest priced region of the country. The New England sub region of the East Coast was close behind with an average price of $4.008
As usual the Gulf Coast region had the lowest average cost, $3.769, down 1.4 cents from a week ago.
Gasoline also continued moving lower, shedding 2.9 cents over the past week, for an average of $3.265 per gallon, it’s lowest price since last Christmas and nearly 23 cents lower than this time in 2012.
Gasoline prices also fell in all parts of the country and rage from a low of $3.03 in the Gulf Coast states to a high of $3.564 along the West Coast.
The price falloff in fuel prices is reflected in the big drop in oil prices. Crude in New York trading on Monday settled at $94.62 per barrel, down nearly $4 from a week ago, hitting a four and a half-month low. This is likely due to U.S. oil stockpiles increasing dramatically over the past week, according to a U.S. Energy Department report a few days ago.
Heading into the winter months oil prices are also expected to be lower than last year due to a record amount of crude that is currently being produced in the U.S., according to the Oil Price Information Service in a report from ABC News.