The average price for retail diesel fuel declined 1.1 cents to $1.70 per gallon, the fifth straight drop in the price of commercial trucking's main fuel, the U.S. Department of Energy reported Monday.
Diesel has fallen 6.3 cents since reaching $1.763 on May 17, which was just 0.8 cent from its record high set just before the U.S.-led invasion of Iraq in March 2003.
The combined 6.3-cent drop over five weeks meant the trucking industry saved more than $36 million on diesel fuel costs than before the decline started in mid-May. However, the most recent price is still 27.7 cents higher than a year ago.
Trucking burns an estimated 576 million gallons of diesel each week.
DOE also said Monday the average retail price for regular gasoline fell 4.8 cents per gallon to a seven-week low of $1.937.
Gasoline prices have risen 45.9 cents, or 31%, so far this year.
Meanwhile, DOE said diesel declined or remained stable throughout the entire nation, with the largest decrease of 4.4 cents being reported in the Rocky Mountains, where the price is $1.835.
Despite a 3.2-cent drop, California had the most expensive diesel in the nation at $2.019, while the cheapest average price was $1.623.
Each week, DOE surveys 350 diesel-filling stations to compile a national snapshot price.
