Fuel prices keep right on falling

Fuel prices keep right on falling

National average prices for both diesel and gasoline remained on a downward path in the U.S. this week, according to information tracked by the Energy Information Administration (EIA), an could fall further if OPEC fails to cut global oil production levels as many of its members hope to do at the group’s upcoming meeting.

The national average retail pump price for diesel dropped 3.3 cents this week to $3.628 per gallon, EIA said, which is 21.6 cents per gallon cheaper compared to the same week in 2013.

Diesel prices declines in every region of the country this week, the agency reported, with California recording the largest one-week diesel dip – down 4.4 cents to $3.753 per gallon.

The Midwest reported the second-largest drop with a 4.3 cent decline to $3.743 per gallon, the agency said, followed by the West Coast (with California’s prices included) posting a 4.1 cent drop to $3.721 per gallon (translating to a 3.8 cent dip to $3.68 per gallon with California removed from the mix).

The Gulf Coast is home to the cheapest diesel in the U.S. this week at $3.511 per gallon, EIA pointed out, which is 3.1 cents cheaper compared to last week.

The agency said the national average pump price for gasoline dropped 7.3 cents this week to $2.821 per gallon this week, which is 47.2 cents per gallon cheaper compared to the same period in 2013.

Gasoline declined in all regions of the country, the agency added, with the biggest dip taking place in the Midwest: a 9.4 cent drop to $2.762 per gallon.

The Gulf Coast, sporting an 8 cent decrease to $2.593 per gallon (the cheapest price for gasoline in the U.S. this week) and the Rocky Mountain region with a 7.8 cent dip to $2.933 per gallon took the second and third place spots, respectively, EIA noted, in terms of the largest one-week declines in gasoline prices.

The agency pointed out that the West Coast is the only area of the U.S. where gasoline remains over $3 per gallon, though prices are down this week 6.6 cents to $3.048 per gallon, which translates to a dip of 4.4 cents to $3.006 with California’s pricing removed from the mix.

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