The price of diesel and gasoline fuel fell again for the third straight week, according to the latest figures from the U.S. Energy Department.
The average price of a gallon of on-highway diesel fuel fell 1.7 cents nationally to settle at $2.476. Compared with the same week last year, the price is down $1.279 per gallon.
Prices fell across the board nationally, with the largest decrease occurring in the Rocky Mountain region with a 3.6-cent drop. The smallest drop was in the Lower Atlantic region with a 1.1-cent decrease.
Gasoline prices were essentially flat with a 0.5-cent decrease for the week settling at $2.322 per gallon. The average price is $1.032 lower than in the same week last year.
Broken down by region, prices fluctuated with drops and increases in various areas. The largest decrease was in the West Coast region, dropping 7.5 cents. The largest increase in price was in the Midwest region where gasoline rose 5.4 cents.
Crude oil prices were down on Monday on reports that demand was likely to weaken as growth slows in emerging global markets, according to a report in Market Watch. Oil supply still outstrips demand and a slowing manufacturing economy in China may perpetuate the gap between the two with some analysts suggesting that crude could drop to $30 per barrel.