Diesel Drops Below $3 for First Time Since March
Diesel continued its downward trend, declining 4.1 cents to $2.98 a gallon, the first time it has been below the $3 mark since March, the Department of Energy reported.
The third straight decline left diesel 62.8 cents higher than the same week a year ago, DOE said following its weekly survey of filling stations.
Trucking’s main fuel has fallen 14.7 cents over the past three weeks after running up 37.1 cents in the three months ending in mid-May.
The price is the lowest since diesel’s national average was $2.939 a gallon on March 29, when it slipped 0.7 cent — its only decline in 12 weeks of runups.
Gasoline, meanwhile, also fell for the third straight time, declining 5.8 cents to $2.728 a gallon, its lowest price since March 1.
Gas had gained almost 30 cents in its upward run from mid-February through mid-May, and has now fallen 17.7 cents in the past three weeks.
Oil prices fell by the most in a week Monday, declining $1.39 to close the trading day at $72.58 a barrel on the New York Mercantile Exchange, Bloomberg reported.
Oil topped out at an 18-month high last month at more than $86 a barrel before retreating in recent weeks to around $70 a barrel on the Nymex.
Each week, DOE surveys about 350 diesel filling stations to compile a national snapshot average price.
This week’s survey was released on Tuesday due to the Memorial Day holiday on Monday.
