Diesel drops for fourth straight week

The average price at the pump for a gallon of diesel fuel dropped 4.8 cents this week to $1.554, according to the U.S. Dept. of Energy. It is the fourth straight week that the price has fallen, and it may fall further as the war in Iraq winds down.

Tim Parry

April 8, 2003

According to the department's Energy Information Administration, the price has not been this low since it rose to $1.542 on February 3. The price has fallen 21.7 cents since reaching an all-time high of $1.771 on March 10.

The price of crude fell on the London and New York markets after reports that coalition troops entered Baghdad, which means the price at the pump should continue to descend. Analysts said they are not concerned about political unrest in Nigeria, a major oil-producing country, and the effects that could have on prices.