Diesel fuel prices are continuing to fall, dropping around 8 cents from their peak of $2.43 per gallon in early June, according to the latest numbers from the Energy Department.
The average price of a gallon of diesel fuel fell 3.1 cents last week, settling to $2.348 per gallon at the pump. While prices have been dropping, the gap between 2015’s and 2016’s prices has been shrinking. Last week’s prices were 32 cents cheaper than in the same week a year ago.
When broken down by region, the largest decrease in prices occurred in the Central Atlantic, where prices fell by 4 cents. The smallest change was in the Rocky Mountain region where prices fell 1.5 cents.
Gas prices also fell last week with the average price of a gallon of regular gasoline dropping 2.3 cents to $2.159 per gallon. The price is 53 cents cheaper than it was for the same week of 2015.
The largest drop in prices was in the West Coast region, where it dropped 5.6 cents last week. The smallest change was a 0.3-cent drop in the Midwest.
The crude oil market has also been down in recent weeks, with the price of a barrel of crude dropping to around $40, according to a Market Watch report.
Crude oil prices had been on the rise since bottoming out earlier this year. But new fears that the global supply glut would not be going away has had a sobering effect on the oil market.
Global demand for oil has dropped in the past year. However, rather than limiting supply to adjust for weaker demand, OPEC members and other major oil-producing countries have resolved to increase production.