The average cost of diesel is down for the second straight week and is at it lowest level since early July.
Evan Lockridge・Former Business Contributing Editor
November 4, 2013
2 min to read
The average cost of diesel is down for the second straight week and is at it lowest level since early July.
The U.S. Energy Department reports a decline of 1.3 cents over the past week for a national average of $3.857 per gallon. The price is 15.3 cents lower than the same time a year ago.
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Prices fell in all regions of the country, with the largest recorded in the West Coast region, falling 2.1 cents over the past week, for an average of $4.015 per gallon, also the highest priced region of the country. The New England sub region of the East Coast was close behind with an average price of $4.008
As usual the Gulf Coast region had the lowest average cost, $3.769, down 1.4 cents from a week ago.
Gasoline also continued moving lower, shedding 2.9 cents over the past week, for an average of $3.265 per gallon, it’s lowest price since last Christmas and nearly 23 cents lower than this time in 2012.
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Gasoline prices also fell in all parts of the country and rage from a low of $3.03 in the Gulf Coast states to a high of $3.564 along the West Coast.
The price falloff in fuel prices is reflected in the big drop in oil prices. Crude in New York trading on Monday settled at $94.62 per barrel, down nearly $4 from a week ago, hitting a four and a half-month low. This is likely due to U.S. oil stockpiles increasing dramatically over the past week, according to a U.S. Energy Department report a few days ago.
Heading into the winter months oil prices are also expected to be lower than last year due to a record amount of crude that is currently being produced in the U.S., according to the Oil Price Information Service in a report from ABC News.
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