The national average cost of on-highway diesel has moved lower for the second consecutive week, following five straight weekly hikes, while regular grade gasoline edged higher.
According to the U.S. Energy Department, diesel fell 5.3 cents from last week to $2.864, hitting its lowest level in more than a month. Compared to this week a year ago the price is $1.124 less.
Average prices fell in all the different regions of the country over the past week, ranging from a little as 3.3 cents in the Lower Atlantic states at $2.837, to as much as 8 cents in the Central Atlantic section of the country at $3.231, also the highest priced region.
The lowest average diesel price is in the Gulf Coast region, down 4.8 cents, for $2.715 per gallon.
In contrast, the average cost of regualr grade gasoline moved 0.4 cent higher over the past week to $2.457 per gallon, but it is still $1.092 less than the same time a year ago.
The Midwest and Rocky Mountain regions were the only sections of the country to record a price increase over the past week. The former saw it rise 10.6 cents to $2.391 while the latter saw much less of a hike at 1.5 cent for $2.303.
Gasoline ranges from a low of $2.191 in the Gulf Coast region to a high of $3.047 in the West Coast region.
Meantime, the price of oil gained only a little on Monday in New York trading, adding 88 cents to close at $47.45 per barrel, as the value of the dollar against some foreign currencies fell, though investors are still concerned about a glut of crude on the worldwide marketplace after Saudi Arabia said is was producing more oil. Last week it was around a six-year low, following a more than 50% price slide that started last summer that also resulted in much lower fuel prices.
Compared to last Tuesday’s opening market price oil is more than $3 higher on news that the number of wells drilling for oil in the U.S. fell last week for the 15th consecutive week.