Diesel Prices Fall 2.2 Cents to $1.405 a Gallon

The average price of diesel fuel fell 2.2 cents a gallon Monday to $1.405, the Department of Energy reported.

The decline was the fourth in as many weeks, the DOE said in its weekly survey of prices across the country. Since Oct. 21, the price of diesel fuel has fallen 6.4 cents a gallon – saving truckers $12.80 on a typical 200-gallon fillup.

Diesel fuel is the primary fuel for trucking, making its cost very important to the industry's bottom line.

The price of gasoline also fell significantly, shedding 3 cents a gallon to $1.409, the DOE said.

The decline in prices, which was seen in every one of the geographic regions that the DOE's Energy Information Administration measures, was mirrored by large declines in the crude oil prices.

Crude oil prices fell to eight-month lows last week after Iraq accepted the terms of a United Nations' resolution, clearing the way for weapons inspections to begin and probably delaying a possible war in the oil-rich region.

The largest decline in diesel prices was felt in the Rocky Mountains, where the price fell 3.5 cents a gallon, while the smallest decline was seen in the Midwestern states as the price slipped just 1.9 cents a gallon.

In the other three EIA regions -- the East Coast, the Gulf Coast and the West Coast -- the prices dipped at least 2 cents a gallon.

Each week, the EIA surveys about 350 diesel filling stations across the country, compiling a snapshot of diesel prices.