Diesel Price Tumbles 28.1 Cents to $2.876 a Gallon
he average U.S. retail price of diesel fuel fell 28.1 cents to $2.876 a gallon, the Department of Energy said Monday.
It was the first time in October the average price has been below $3 a gallon.
Diesel prices in the DOE’s past four surveys this month have been the highest on record, at $3.144 on Oct. 3, $3.15 on Oct. 10, $3.148 on Oct. 17 and $3.157 last Monday.
Meanwhile, the price of regular gasoline fell by 12.3 cents to $2.48 a gallon, DOE said. That followed declines of 12.2 cents last week, 12.3 cents two weeks ago and 8 cents three weeks ago.
Since a 12.5-cent jump to $2.928 on Oct. 3 following Hurricane Rita, gasoline prices have plummeted 44.8 cents this month, according to DOE figures.
Diesel’s price is 67 cents above the same time last year and $1.38 higher than the $1.495 it was on Oct. 27, 2003, according to DOE figures.
At a burn rate of 665 million gallons a week, the added expense to the trucking industry for the week over the same week last year was $445 million, and over two years ago about $918 million.
Diesel fell in all five DOE’s regions, led by a 32.8-cent drop in the Midwest to $2.907, which had surged past California and the West Coast as the nation’s highest price the previous week.
The Rocky Mountain region’s average price dropped 15.3 cents to $3.079 and remained the only regional price above $3 a gallon.
The Gulf Coast price fell 30 cents to $2.846, while the East Coast price dropped 26.7 cents to $2.784 a gallon.
The West Coast price fell 19.1 cents to $2.951. The California price, which DOE breaks out separately from its regional averages, fell 21.6 cents to $2.936. California’s price had been higher than $3 a gallon every week since Aug. 15.
Each week DOE surveys 350 diesel-filling stations to compile a national snapshot price.
