National average price drops 2.4 cents to $4.121

| 9/2/2008

There’s been a drop of 2.4 cents per gallon for diesel this past week to put the nationwide average at $4.121, the U.S. Energy Information Administration reported Tuesday, Sept. 2.

Following months of record high fuel prices, this is the seventh week EIA has reported a decrease in the national average price for diesel, although it’s still $1.228 more per gallon than it was at this time in 2007.

All nine regions of the country are again reporting decreases at the pump, with the California region reporting the most significant drop – 7.7 cents per gallon – to average $4.282 for fuel.

The Central Atlantic region reports a dip of 5.5 cents per gallon to average $4.315 for diesel, while the price has dropped 4.4 cents per gallon to average $4.189 in the Rocky Mountain region.

The average price of on-highway diesel dropped 3.4 cents per gallon to average $4.255 in the West Coast region. Both the Gulf Coast and the East Coast regions are reporting decreases of 3.1 cents per gallon for fuel. The Gulf Coast is reporting the lowest regional average price for fuel at$4.070, while diesel is costing an average of $4.189 on the East Coast.

The New England region is reporting a dip of 2.3 cents per gallon to average $4.359 for diesel, which is the highest of all regional averages. The average price for fuel is down 2 cents to $4.107 in the Lower Atlantic region, while the Midwest region is reporting the smallest price decrease of six-tenths of a cent to average $4.082.

As fuel prices continue to go down at the pump – which is good news for truckers across the country – Natso, a nonprofit association that represents travel plazas and truck stops in the U.S., is reporting that sales of diesel fuel have dropped off significantly.

Natso is reporting that the sale of diesel fuel dropped by 5 percent in May, June and July, compared to the same period in 2007. However, during that same time period, the wholesale price truck stops are paying for diesel is up an average of $1.75 per gallon.

The average price for crude was down about $5 a barrel to average $110 per barrel at the end of trading on Tuesday, Sept. 2, after an early assessment determined that Hurricane Gustav did little damage to offshore rigs or land-based refineries.