The price of diesel fuel in the U.S. fell again last week, bringing the price to its lowest level since Mid-December when the average price was $2.49 per gallon, according to the latest numbers from the Energy Department.
The average price of on-highway diesel fuel fell by 0.7 cents last week, settling at $2.532 per gallon at the pump. The price is still 41.1 cents more expensive than it was in the same week a year ago.
Prices were down in most areas of the U.S., with New England seeing the biggest decrease last week at 2.9 cents. The Rocky Mountain region actually saw a slight increase of 0.7 cents per gallon over the same period of time.
Gasoline prices were also slightly lower last week, as the average price of regular gasoline fell 0.6 cents last week to $2.315 per gallon. The price of gasoline is just under 25 cents higher than it was in the same week of 2016.
Gasoline price changes were a mix of increases and decreases, depending on the region. The largest decrease was in the Midwest, at 3.7 cents per gallon. The largest increase in prices occurred in the Lower Atlantic area where it jumped 2.4 cents for the week.
Crude oil prices have continued to decline over the past week, settling around $48 per barrel for West Texas Intermediate. Reports of higher U.S. oil production have offset a planned production cutback by OPEC and kept prices low in 2017.
The members of OPEC will meet again in mid-2017 to decide whether or not to continue production cutbacks and freezes through the second half of the year, according to a report in MarketWatch.