National average retail diesel prices took a 5.7-cent fall last week to average $2.259 per gallon, according to the Energy Information Administration (EIA). This breaks a four-week streak of record high diesel prices, but year-over-year this marks a hefty 53.5-cent premium.
The oil-rich Gulf Coast region saw the biggest price drop on a 7.1-cent decrease to $2.18. The region also holds the crown for being the cheapest in which to fill up. Although all regions posted a decrease in prices in New England held the steadiest. There was only a 1.6-cent reduction to $2.418. California remains the most expensive region, as prices averaged $2.582.
EIA expects diesel prices to continue to decline from record levels over the next few weeks due to slackened distillate demand—a petroleum product which diesel fuel is derived from— and profitable market incentives for refiners to boost diesel production.
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