For the tenth consecutive week, diesel prices continue to fall. This week, average U.S. diesel prices dropped 5.5 cents to $2.668 from last week’s $2.723, according to the Energy Information Administration (EIA).
This week diesel is $1.185 per gallon cheaper compared to the same week last year.
Diesel prices decreased in every region, with only California breaking the $3 per gallon mark at $3.024, down 4.8 cents from last week’s $3.072. The Gulf Coast saw the most significant price drop this week – down 7.5 cents to $2.536.
Average U.S. retail pump prices for gasoline also decreased by just over a nickel this week. Gas prices are down 5.6 cents to $2.689 per gallon. According to EIA, that is 82.6 cents cheaper compared to the same week last year.
Gasoline prices were down across the board this week. And only the West Coast and West Coast without California regions saw prices over $3 per gallon at $3.480 and $3.061, respectively.
This past April, U.S. generation of electricity fueled by natural gas exceeded coal-fired generation for the first time since EIA began its monthly generation data in 1973, the agency noted. According to EIA, April is traditionally the month when total electricity demand is lowest.
However, EIA’s latest Electric Power Monthly shows that coal’s generation share once again exceeded that of natural gas in May, the agency noted. “Total generation from coal- and natural gas-fired generators is seasonal: higher during summer and winter months when electricity demand is highest, and lower in the spring and fall when electricity demand is lower,” EIA said.