Diesel, Gasoline Prices Fall Sharply

The price of diesel fuel fell 5.4 cents to $1.473 per gallon, its lowest price in nearly a month, while the average retail price of gasoline fell 4.4 cents to $1.485 per gallon, according to a report released Monday by the Department of Energy.

The majority of commercial trucking is conducted with large trucks, which burn diesel fuel, so the price greatly impacts the price of trucking services. However, a significant segment of the commercial trucking business is carried out in gasoline-powered vehicles.

The price of diesel fell in every one of the DOE’s Petroleum Administration for Defense Districts, and in all of the DOE’s sub-districts except New England, where the average price rose 0.2 cent per gallon, the Energy Information Administration reported.

Gasoline prices, as reported by EIA, also fell in every district.

The most dramatic drop for both fuels was seen in the Midwest, where the price of diesel plummeted 7.9 cents to $1.515 and the price of gasoline fell 10.1 cents to $1.531 per gallon.

Other districts that saw a significant decrease in the diesel price were the West Coast and the Gulf Coast, which saw declines of 5.8 and 4.5 cents per gallon, respectively. Gasoline prices fell 1.3 cents in the West Coast and 2.5 cents in the Gulf Coast.

The East Coast saw average diesel prices fall 3.5 cents per gallon to $1.414 while gasoline fell 1.7 cents to $1.398. In the Rocky Mountain district diesel dropped 5.8 cents per gallon and gasoline went down 1.9 cents per gallon.

The national average price for diesel had been rising since Aug. 13 and its new total of $1.473 per gallon is its lowest since Aug. 27.

The EIA surveys 350 fueling stations in five districts at the start of each week, and usually reports the results on the same day that it polls the stations.