National diesel average sees another decline, for the week of August 8, reports EIA
Another week brough another significant decrease in diesel prices, according to data issued this week by the Department of Energy’s Energy Information Administration (EIA).
The national average price per gallon of diesel, for the week of August 8—at $4.993—fell 14.5 cents annually, following declines of 13 cents, for the week of August 1, and 16.4 cents, for the week of July 25, which represents the steepest annual decline going back to the week of October 27, 2008, when it fell 19.4 cents, to $3.288.
These declines were preceded by a 13.6-cent decline, to $5.432, for the week of July 18, which, at that time, represented the steepest annual decline going back to the week of December 22, 2014, when the national average fell 13.8 cents to $3.281 per gallon.
These declines are the most recent in a series of steep ones in recent weeks. The July 11 average—at $5.568—fell 10.7 cents below the week of July 4, which came in at $5.675. And that decline was in line with a 10.8-cent decline, from the week of June 27, which was at $5.783. The decline from the week of June 20—at $5.81 (the all-time high reading)—to the week of June 27, was less significant, down 2.7 cents.
What’s more, over the last six weeks, going back to the all-time high of $5.81, for the week of June 20, diesel prices have fallen a cumulative total of 81.7 cents, based on EIA data, with this week’s average representing its lowest level since the week of April 18, when it came in at $5.101.
Compared to the same week a year ago, this week’s diesel average is up $1.629, down from recent spreads of $1.771, for the week of August 1, and $1.926, for the week of July 25.
West Texas Intermediate Crude oil is currently trading at $90.31 on the New York Mercantile Exchange, down from $93.76 a week ago at this time.
The EIA’s Short-Term Energy Outlook estimates that 2022 and 2023 diesel averages will come in at $4.73 and $4.07, respectively, with WTI crude estimated at $98.79 and $89.75, respectively, for the same period.
