Oil prices recovered a little last week, but the supply glut continues to drive the cost of diesel lower, falling for the 14th week, or the entire 3-month calendar summer.
The average U.S. retail pump price for diesel was down 4.7 cents in the Aug. 31 report by the Energy Information Administration (EIA), to $2.514 per gallon, which is running at levels last seen six years ago.
That’s $1.30 per gallon cheaper than this time last year.
Diesel prices were down in all regions, led by New England where the price fell 6.6 cents to $2.673, while the price fell 6.3 cents in the Central Atlantic to $2.71, and 5.1 cents in the Lower Atlantic region to $2.478.
On the West Coast, not including California, diesel fell a whopping 4.6 cents to $2.564. In California, which has the highest price in the contiguous 48 states at $2.851 per gallon, the price dropped 4.3 cents.
Diesel also dipped 3.8 cents on Gulf Coast in to $2.376, the lowest in the country, while the price was down 4.4 cents in the Midwest, coming in at $2.443. The Rocky Mountain region posted a 3 cent drop, to $2.562.
AAA on Monday projected Labor Day gasoline prices would be the lowest for the holiday weekend since 2004.