The cost of fuel continues falling due to increasingly steep declines in the price of crude oil.
The U.S. Energy Department reported Monday the average U.S. price for on-highway diesel fell another 8,4 cents over the past week to $3.053 per gallon. This is the lowest price since October 2010 and is 83.3 cents less than the same time last year.
Once again, prices declined in all parts of the country, ranging from 6.4 cents in the Central Atlantic states, for an average of $3.239 per gallon, also the highest priced part of the country, to as much as 11.2 cents in the Rocky Mountain region, for an average of $3.027.
The least expensive region is the Gulf Coast where prices fell an average of 8.1 cents over the past week to $2.964 per gallon.
Gasoline also continued its big drop, with the average price of the regular grade fuel falling 7.5 cents over the past week to $2.139 per gallon, its lowest level since May 2009. Compared to the same time in 2014 the price is $1.188 less.
Gasoline currently ranges from a low of $1.911 in the Gulf Coast region to a high of $2.49 in the West Coast region. Compared to a year ago all regional prices are down by $1 or more.
The decline are due oil prices continuing a big drop, with it hitting close to a six-year low on Monday in New York, closing at $46.07 per barrel, after losing $2.29 on the day. Compared to last Tuesday’s opening price the black gold is down nearly $4 as overseas oil producers are showing no signs of curbing production.
The drop on Monday was in the wake of a new report from the investment firm Goldman Sachs in which it slashed earlier expectations for crude prices to $50.40 a barrel this year, way down from its previous forecast of $83.75. Since June oil has fallen from $107 per barrel.