Friday, January 19, 2018

Diesel prices drop 4 cents, inch closer to below $2 level


Monday, February 1, 2016
Four regions of the country have diesel price averages below $2 a gallon. (The Trucker file photo)
Four regions of the country have diesel price averages below $2 a gallon. (The Trucker file photo)

WASHINGTON — If the trend of the past three months continues, next week may well be the week that the average on-highway gallon of diesel drops below the $2 mark for the first time in 11 years.

The average price for the week ending February 1 declined 4 cents to $2.031, the Energy Information Administration of the Department of Energy said Monday.

Over the past three months, the price has dropped an average of 3.9 cents a week.

The last time the price dipped below $2 was the week ending February 14, 2005, when the price was $1.986.

Every region of the country declined for the week ending February 1 with a 6 cent a gallon drop in California the largest drop.

Two more regions — the Rocky Mountain states and the lower Atlantic states— joined the below $2 regional average at $1.969 and $1.992, respectively.

The Gulf Coast and Midwest remained below $2 for the second week at $1.917 and $1.941, respectively.

Meanwhile, the price of U.S. benchmark oil plunged $2 Monday, or 5.9 percent, to $31.2 a barrel in New York.

For a complete list of prices for the past three weeks by region, click here.

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