Fuel Smarts

Cheap Oil Drives Down Diesel Price Again

January 25, 2016

Source: EIA
Source: EIA

Diesel fuel prices at the pump fell again last week as the consistently low price of oil on the stock market lowered energy costs, according to the latest Energy Department numbers.

The average price of a gallon of on-highway diesel fuel fell by 4.1 cents last week, driving the price closer to new lows and settling at $2.071. That price is 79.5 cents cheaper than it was in the same week last year.

The largest drop in prices was in the Gulf Coast region where diesel fell by 5.7 cents per gallon. Meanwhile, the smallest price drop was in the Lower Atlantic region at 2.9 cents per gallon.

The average price of regular gasoline also fell again, dropping 5.8 cents nationally to a price of $1.856 per gallon. That price is 18.8 cents cheaper than it was a year ago.

Prices fell across the board with the Midwest seeing the largest drop in prices at 8.2 cents per gallon. The smallest decrease in prices was in the Central Atlantic region at 3 cents.

Crude oil prices were down on Monday, holding close to $30 per barrel due in part to the blizzard that struck much of the East Coast, according to a MarketWatch report.

The massive storm that produced blizzard conidtions in many areas left millions of Americans without access to roads or cars, which caused demand in several major metropolitan areas to decline sharply.

The price drop came after a rally last week when prices increased by as much as 9%, indicating to some analysts that oil could be on the rebound after plunging for much of 2015.

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