Average Diesel Price Declines for the Third Straight Week
he Department of Energy said Monday the average retail price of diesel fuel in United States declined 1.2 cents to $1.734 per gallon, the third consecutive decline.
Diesel has now dropped 2.9 cents over that span, meaning the the trucking industry is spending about $16.7 million less on fuel than just three weeks ago. Trucking burns an estimated 576 million gallons of diesel each week.
However, the price is 31.2 cents above a year earlier and still just 4.3 below the all-time record of $1.771 set on March 10, 2003.
Gasoline has now decreased 1.5% since setting a record of $2.064 on May 24. Pump prices are up 55.6 cents so far this year as refiners passed along higher crude costs, fuel reserves shrank and motorist demand increased, Bloomberg reported.
DOE said the price of diesel decline in every section of the nation with the except of New England, where it rose 0.1 cent to $1.816. The largest price drop was 6.5 cents in California, although it still has the highest average diesel price at 2.121, DOE said.
Each week, DOE surveys 350 diesel-filling stations to compile a national snapshot price.