For the fifth straight week, the average price of a gallon of diesel fuel decreased according to the latest numbers from the Energy Department.
The average price of a gallon of on-highway diesel fuel dropped 4.1 cents last week, settling at $2.338 per gallon and hitting new lows for the year. The price is $1.081 cheaper than the same week in 2014.
Prices were down in all major regions of the country with the largest drop in prices in New England at 6.2 cents. The smallest change in prices was a 2-cent drop per gallon in the Gulf Coast region.
The average price of a gallon of regular gasoline was also down last week, falling 1.6 cents to $2.037 per gallon. The price is 51.7 cents cheaper compared with the same period last year.
Paralleling weekly diesel trends, New England had the largest drop in prices at 4 cents per gallon while the Midwest actually saw a slight increase in prices of 1.1 cents.
Crude oil prices had a small rebound on Monday after approaching some of the lowest prices since the 2008 financial crisis, according to a Wall Street Journal report. Global demand is still weak compared to the supply which has been driving prices down for the past few weeks and analysts predict that prices will stay low until production adjusts to the current climate.