The average cost of on-highway diesel fuel has resumed falling after it was unchanged last week, according to new U.S. Energy Department figures.
It shed 1.3 cent this week from the week before, hitting $3.801 per gallon, its lowest price in more than two years. Compared to the same time a year ago it is 17.3 cents lower.
Before the average cost of diesel was unchanged last week at $3.814 per gallon, it had fallen for nine consecutive weeks. This latest drop combined with all those since its last increase on June 30, total 11.9 cents.
Prices fell in all parts of the country over the past week as well as compared to the same time in 2013. It ranges from a low of $3.706 in the Gulf Coast region to a high of $4.019 in the West Coast region.
The average price of regular grade gasoline also declined, falling 4.9 cents from last week, registering $3.408 per gallon.
This is 13.9 cents less than the same time a year ago and its lowest price since mid-February.
Gasoline is also lower in all regions of the country compared to last week and the same time last year, except in California.
It ranges from a low of $3.173 in the Gulf Coast region of a high of $3.741 in the West Coast region.
This happened as the price of oil increased by 65 cents in New York trading on Monday, closing at $92.92 per barrel, on news of surging production from the U.S. and parts of the Mideast while demand is weak in Europe and China. Monday’s closing prices is 19 cents lower than last Tuesday’s opening price.