The Department of Energy’s Energy Information Administration (EIA) reported this week that the average price per gallon of diesel gasoline dropped 0.7 cents to $2.572.
This is the third consecutive weekly decline, going back to the week of March 13, when it fell 1.5 cents from $2.579 per gallon to $2.564 per gallon. Last week, the average price dropped another 2.5 cents from $2.564 to $2.539. Including this week’s 0.7 cent decline, the average price has fallen a cumulative 3.2 cents over the last three weeks.
The recent run of declines was preceded by a five-week run of mini-gains, which saw from the week of February 6 to the week of March 6, with the average price seeing a cumulative 2.1 cent gain.
The average price per barrel of West Texas Intermediate Crude is at $48.27 on the New York Mercantile Exchange, with the price dropping in recent weeks due to high inventories.
Compared to the same week a year ago, the average price per gallon is up 41.1 cents.
The average price per barrel of West Texas Intermediate Crude is at $48.13 on the New York Mercantile Exchange, with the price dropping in recent weeks due to high inventories.