Average Diesel Cost Falls for Sixth Straight Week, Oil Hits Three-Month High
The average price of on-highway diesel has fallen for the sixth straight week, hitting its lowest price since the latter half of January, according to a new U.S. Energy Department report.
by Staff
June 9, 2014
On-highway diesel fuel prices. Credit: U.S. DOE
2 min to read
On-highway diesel fuel prices. Credit: U.S. DOE
The average price of on-highway diesel has fallen for the sixth straight week, hitting its lowest price since the latter half of January, according to a new U.S. Energy Department report.
It has shed 2.6 cents over the past week, registering $3.892 per gallon. Compared to the same time a year ago the price is 4.3 cents higher. Over the past six weeks it has fallen 8.3 cents following increases that took it a little past the $4 per gallon mark during the winter.
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Prices declined in all section of the country over the past week with the smallest drop being 1.4 cents in the Gulf Coast region for an average of $3.769, also the least expensive part of the country. The biggest drop was in the Central Atlantic states, 3.7 cents, for an average of $4.079, the second most expensive price in the U.S. The highest price is in New England at $4.092, down 3.2 cents from a week ago.
Compared to a year ago only the Midwest reports prices have fallen, losing 3.2 cents, for an average of $3.845.
As for the average price of regular-grade gasoline, it has declined right back to where it was two weeks ago, following a small hike last week. It’s down 1.6 cents from last week, at $3.674 per gallon, but is still just a few cents off its highest price $3.713 so far this year.
Gasoline ranges from a low of $3.418 in the Gulf Coast region to a high of $3.995 along the West Coast.
Meantime, the price of crude oil rose to a three-month high in New York trading on Monday, picking up $1.75 per barrel and settling and $104.41. It rose following a report of solid job gains in the U.S. last week along with encouraging economic news from China and Japan. Over the past week oil has picked up nearly $2 per barrel, with much of the increase coming from Monday alone.
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