Diesel prices continue to fall, down 5.4 cents

Diesel prices continue to fall, down 5.4 cents

Diesel prices across the U.S. are down 5.4 cents to $2.561, according to the most recent data from the Energy Information Administration (EIA). This marks the 13th consecutive week that prices have fallen.

This week diesel is $1.260 per gallon cheaper compared to the same week last year. Diesel prices decreased in every region, with all regions under the $3 per gallon mark.

Unlike last week – which was the first time in nearly three months gasoline prices increased – this week, average U.S. retail pump prices for gasoline were down 7.9 cents, according to EIA. Gas prices are down to $2.637 per gallon from last week’s $2.716. According to EIA, that is 81.7 cents less than the same week last year.

Overall, gas prices are down across the board, and the only region to see prices above the $3-per-gallon mark is the West Coast at $3.283.

Amid high uncertainty in the global market, EIA said it has lowered its crude oil price forecast through 2016, according to the agency’s Short-Term Energy Outlook. “Concerns over the pace of economic growth in emerging markets, continuing (albeit slowing) supply growth, increases in global liquids inventories, and the possibility of increasing volumes of Iranian crude oil entering the market contributed to the changed forecast,” the agency said.

EIA added that its updated projection remains subject to “significant uncertainties: the pace and volume at which Iranian oil reenters the market, the strength of oil consumption growth, and the responsiveness of non-OPEC production to low oil prices.”

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