Diesel down 1.7 cents this week

Diesel down 1.7 cents this week

Last week diesel prices increased for the first time after a steady, summer-long drop. This week diesel is slightly down again – by 1.7 cents – to $2.517, according to the most recent data from the Energy Information Administration (EIA). This week’s price is $1.284 per gallon cheaper than the same week last year.

Diesel prices were down in every region this week – with all regions under the $3-per-gallon mark. The most significant dip was in the Gulf Coast, which dropped only 2.3 cents to $2.362 from last week’s $2.385.

Average U.S. retail pump prices for gasoline also dropped this week. Gas prices were down 6.2 cents to $2.375 from last week’s $2.437, according to EIA. That is $1.033-per-gallon less than the same week last year, EIA reports.

Overall, gas prices are down across the board. Prices in the West Coast fell by 9.9 cents, bringing the region to $2.992. That marks the first time in weeks the West Coast region has been under $3-per-gallon.

EIA reports that although lower gas prices have been an important factor in the increase in gasoline use so far this year, changes in the labor market and in vehicle sales over the past few years also contributed to the rise in gas usage. EIA adds that a stronger U.S. job market and higher wage growth may have contributed to the record-high vehicle miles traveled this year. In addition, trends in the automotive market indicate that consumers are purchasing more vehicles that have lower fuel economy ratings, EIA said.

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