Diesel Price Falls for the 12th Straight Week; Down to $1.173

The average price of diesel fuel dipped 2.1 cents per gallon to $1.173 last week, a Department of Energy report released on Monday found.

This marked the 12th consecutive weekly drop, and brought the price to the lowest point since Aug. 9, 1999, when it stood at $1.156 per gallon.

The price of diesel fuel has been in a tailspin since mid-September, when the terrorist attacks sparked a decline in travel. This created a surplus of oil products, including diesel fuel.

The price of gasoline has also fallen since the terrorist attacks, and now stands at $1.095 per gallon after dropping 1.3 cents last week.

Although most commercial trucking is done with large, diesel-powered trucks, a significant portion is carried out using gasoline-powered vehicles -- therefore the price of both fuels is important to the trucking industry.

Despite the continued national decline in the price of diesel, last week did mark the first time since Oct. 15 the price rose in any of the Energy Information Administration's Petroleum Administration for Defense Districts or subdistricts.

Monday's report showed a 0.1 cent rise to $1.134 per gallon in the New England subdistrict of the East Coast. The average price of diesel is currently higher in the New England area than anywhere else in the country, DOE said.

However, the price did fall considerably in other areas of the country, including the Rocky Mountain and West Coast districts, which posted declines of 4.4 cents and 4.5 cents, respectively.

The largest decline in price came in the California subdistrict of the West Coast, where the price fell 5.3 cents per gallon to $1.247.

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.

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