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.