Diesel Slips 2.4¢ to $4.121
Despite Hurricane Gustav blowing through the Gulf of Mexico over the weekend, diesel fuel’s national average price fell 2.4 cents to $4.121 a gallon in a seventh straight decline, the Energy Department said Tuesday.
Diesel has slipped 64.3 cents over the past seven weeks, but is $1.228 higher than the same week last year, according to DOE figures.
Gustav’s diminished force did not appear to do as much damage to Gulf oil rigs as feared, news reports said, as oil prices declined about $5 Tuesday to close near $110 a barrel.
Gasoline, meanwhile, dipped a half-cent to $3.68 a gallon, for an eighth straight weekly drop, DOE said. Over that time, gas has fallen 43.4 cents.
Three years ago, oil, diesel and gasoline prices all spiked to record highs following Hurricane Katrina, which did more extensive damage to the Gulf Coast, where much of the nation’s refinery capacity is.
Diesel fell in all five regions, including the Gulf Coast, where it fell 3 cents to $4.068 a gallon.
The West Coast price fell 3.8 cents, to $4.248, while the price in California, which DOE breaks out separately, plunged 7.7 cents to $4.282.
Each Monday, DOE surveys about 350 diesel filling stations to compile a national snapshot average price. It released its survey results Tuesday this week because of the Labor Day holiday Monday.
