Diesel Continues to Fall, Dropping 21.6¢ to $3.659
Diesel fuel fell by the most since its record plunge after the 2005 hurricanes, dropping 21.6 cents to $3.659 a gallon, while gasoline fell 33.3 cents to $3.151 a gallon in its biggest one-week decline on record, the Department of Energy said Tuesday.
The decline left diesel at its lowest level in seven months, was the 12th decline in 13 weeks and left trucking’s main fuel $1.105 below the record $4.764 set on July 14.
Diesel is now 62 cents higher than the same week last year, DOE said following its weekly survey of filling stations.
Gasoline, meanwhile, is now almost $1 below its $4.114 record set on July 7, and is 38.9 cents higher than a year ago. The 33.3-cent decline was the biggest drop since DOE began keeping weekly records in 1990.
The previous record decline was on Sept. 19, 2005, when gas plunged 16.9 cents to $2.786 a gallon in the aftermath of the price spikes following Hurricane Katrina.
Tuesday’s diesel downturn was the biggest single-week drop since the 28.1-cent drop on Oct. 24, 2005, following the price spikes after Katrina and Hurricane Rita, according to DOE figures.
The price was the lowest since March 3, when diesel registered a $3.658 average, according to DOE records.
Crude oil, which reached a record $145.29 closing price July 3 on the New York Mercantile Exchange, has fallen steadily since then, finishing last week’s trading below $80 a barrel, as global economic uncertainty has lowered demand, news services reported.
Each week, DOE surveys about 350 diesel filling stations to compile a national snapshot average price. The price surveys were released Tuesday this week because of the Columbus Day holiday on Monday.
