Diesel drops a penny per gallon

By Land Line staff | 5/28/2013

After two weeks of increases, the price of diesel fuel fell at the pump by an average of 1 cent per gallon nationwide, according to data from the U.S. Department of Energy.

Prices had been on the rise for two straight weeks, following a period of declining prices that lasted for 10 consecutive weeks. Diesel hit a five-year high of $4.159 per gallon on Feb. 25. The average cost this week is $3.88, roughly 1.7 cents below the price one year ago.

The U.S. Energy Information Administration reported decreases in seven of the 10 regions of the country, with the largest decrease coming in California.  The Central Atlantic and Rocky Mountain regains posted modest increase of three-tenths of a cent and 1.5 cents respectively. Prices were stagnant in the New England and Gulf Coast regions.

Following are the weekly average prices for on-highway diesel as reported by the EIA:

  • U.S. – $3.88, down 1 cent
  • East Coast – $3.864, down seven-tenths of a cent
  • New England – $3.991, unchanged
  • Central Atlantic – $3.928, up three-tenths of a cent
  • Lower Atlantic – $3.792, down 1.7 cents
  • Midwest – $3.916, down 1.8 cents
  • Gulf Coast – $3.775, unchanged
  • Rocky Mountain – $3.863, up 1.5 cents
  • West Coast – $3.986, down 2.2 cents
  • California – $4.044, down 2.8 cents
  • West Coast less California – $3.917, down 1.5 cents

ProMiles, which surveys 9,400 fuel stops, reported the daily national average is at $3.872 cents on Tuesday, May 28.

Drivers in Connecticut are paying an average price of $4.271 per gallon, according to ProMiles, the highest average price in the Lower 48. Virginia drivers are paying the lowest prices at $3.65 per gallon.

In other energy news, the price of light sweet crude oil remains above $90 per barrel, closing at $95.10 following midday trading Tuesday according to the New York Mercantile Exchange. Light sweet crude is the type most commonly associated with diesel production.

In Europe, the price of Brent crude was listed at $104.49, according to Bloomberg.

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