Diesel average is down for seventh straight week, reports EIA

The national average price per gallon for diesel gasoline dropped for the seventh consecutive week, according to data issued this week by the Department of Energy’s Energy Information Administration (EIA).

With a 5.4-cent decline, the national diesel average now stands at $3.207 per gallon. This follows declines of 2.1 cents, 3.5 cents, 2.1 cents, of 1.7 cents, 2.5 cents, and 1.4 cents, respectively, over the previous six weeks. Diesel has fallen a cumulative 18.7 cents over the last seven weeks.

Prior to the last seven weeks of declines, the weekly average price was $3.394 for the week ending October 15, which marked the single highest weekly average going back to the week of December 15, 2014, when it was at $3.419 per gallon, according to EIA data, and the average for the week ending October 8 was $3.385.

Over that eight-week stretch of gains, going back to the week of August 20 to the week of October 15, the national diesel average price increased by 18.7 cents over that span.

On an annual basis, this week’s $3.207 average is up 28.5 cents annually which is down from last week’s annual spread of 33.5 cents, as well as 40.2 cents, 45.6 cents and 53.6 cents, respectively, over the previous three weeks.

West Texas Intermediate crude oil is currently trading at $53.89 per barrel on the New York Mercantile Exchange, up from $51.51 a week ago.