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The average cost of on-highway diesel has posted its first price increase so far this year, but remains well below the level from the same time a year ago.
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The average cost of on-highway diesel continues falling in most of the country, declining another 3.5 cents over the past week.
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Fuel prices are showing no signs of throttling back from their large and recent declines that started months ago, with oil nearly hitting a six-year low on Monday.
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Fuel prices continue a big decline with diesel posting its biggest weekly drop in recent memory, according to U.S. Energy Department figures.
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In the wake of diesel prices falling from an average of more than $4 per gallon nearly a year ago the U.S. Energy Department's Energy Information Administration has lowered its price forecast from last month’s prediction.
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The U.S. Energy Department reported Monday the average U.S. price for on-highway diesel fell another 8,4 cents over the past week to $3.053 per gallon. This is the lowest price since October 2010 and is 83.3 cents less than the same time last year
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Diesel prices continued their recent and steep decline into the New Year, aided by oil prices that are the lowest in nearly six years.
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The average price of on-highway diesel continued falling into final week of 2014, down significantly from its high for the year and hitting its lowest price since December 2010, according to the U.S. Energy Department.
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Since the summer, the price of oil has plummeted 50 percent, hitting its lowest level in more than five years about a week before Christmas. Diesel has fallen from a yearly high of $4.021 in March to $3.419 in mid-December.
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The price of oil has stabilized over the past week, but is still at its lowest level in years, while fuel prices show no signs of letting up from their dramatic declines.
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