Average diesel price falls again

| Wednesday, April 16, 2003

According to figures released by the Department of Energy's Energy Information Administration April 14, the national average diesel price fell last week to $1.539 from the previous week's average of $1.554 per gallon.

The highest rates are in the Central Atlantic region, where the average price is $1.704, and in New England, where the price is $1.691.

The remaining regions' prices per gallon are as follows: $1.608 on the East Coast; $1.625 on the West Coast; $1.658 in California; $1.496 in the Midwest; $1.559 in the Lower Atlantic states; $1.455 on the Gulf Coast; and $1.587 in the Rocky Mountain region.

Meanwhile, the American Petroleum Institute said the trucking industry, airlines and chemical companies would likely be among the biggest beneficiaries from recent declines in oil prices, The Washington Post reported.

The price of jet fuel, the article said, has dropped 76 cents a gallon over the past five weeks. American Airlines told The Post that every penny the price of fuel falls saves the company $30 million a year.

Chemical companies such as DuPont Co. said the lower oil costs have helped it save on purchases of raw materials, The Post reported.

Diesel prices have also dropped significantly in recent weeks.

John C. Felmy, the chief economist at API, said that for every $5-a-barrel decline in the price of crude oil, the U.S. gross domestic product could rise by as much as 0.3 percent, The Post reported.

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