Diesel prices drop 5.6 cents, oil prices near $89 per barrel

| Tuesday, January 22, 2008

The national average price for a gallon of on-highway diesel dropped 5.6 cents to $3.270 for the week ending Monday, Jan. 21, 2008.

Because Monday was a national holiday for Martin Luther King Jr. Day, the Energy Information Administration published the numbers on Tuesday.

ULSD prices eased in California and the West Coast region. California ULSD was $3.360 per gallon, down 9.9 cents from $3.459, while the West Coast region had an average of $3.336, down 9.5 cents per gallon from $3.431.

The New England region held onto its title of having the most-expensive pump price at $3.594 per gallon, down 2.7 cents from the previous week.

Not far behind was the Central Atlantic region where the average price for ULSD was $3.479 per gallon, down 3.8 cents.

The average in the East Coast region was $3.375, down 4.5 cents from $3.420 per gallon for ULSD.

In the Lower Atlantic region, ULSD was down 5.2 cents to $3.287 per gallon.

The cheapest average at the pump was still the Gulf Coast region at $3.226 per gallon for ULSD, down 4.5 cents from $3.271.

The next cheapest at the pump was the Rocky Mountain region at $3.234, down 3.2 cents from $3.266.

ULSD in the Midwest region was $3.249 per gallon, down a full 6 cents from $3.309.

Despite the decreases realized over the past two weeks, the combined national average price for ultra-low sulfur diesel and low-sulfur diesel was still 84 cents per gallon higher than it was one year ago.

Oil prices have dropped in recent weeks but light sweet crude was trading Tuesday, Jan. 22, at over $89 per barrel.

February futures of light sweet crude oil on the New York Mercantile Exchange traded Tuesday between $86.11 and $91 per barrel. The midday trading price was $89.46, down $1.09 from the previous day’s trading at $90.55 on Friday, Jan. 18.

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