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The average price of on-highway diesel fuel fell below $2 for the first time since Feb. 14, 2005. Diesel prices came close to that mark in 2009 but never fell below it.
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The average price of diesel fuel continued to fall last week amidst reports that global crude oil production would not be cut to meet lower demand.
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Diesel fuel prices at the pump fell again last week as the consistently low price of oil on the stock market lowered energy costs.
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Weekly average on-highway diesel and regular gasoline fuel prices saw significant drops last week, according to the latest numbers from the Energy Department.
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Federal government expectations for diesel and gasoline prices for this year have been revised significantly lower, as oil is expected to continue to sell for far less that it was in mid-2014.
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The price of on-highway diesel fuel and regular gasoline continued last year’s trend of falling prices with another decrease in the first week of 2016.
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The price of on-highway diesel fuel and regular gasoline dropped slightly in the last week of 2015, capping off a year marked by falling energy prices.
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For the seventh straight week, the average price of diesel fuel decreased. Gasoline saw a slight increase.
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Diesel and gasoline prices dropped again in the first week of December, setting new lows for the year, according to the latest numbers from the Energy Department.
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With diesel and gasoline prices consistently falling all year, there is no sign of a permanent rebound as prices approach new lows.
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