Diesel prices have fallen to the lowest levels since mid-May, marking the seventh consecutive week without an increase as the global crude oil glut spills over into refined products.
The average U.S. retail pump price for diesel slipped 3.1 cents in the Aug. 1 report by the Energy Information Administration (EIA), to $2.348 per gallon. That’s 8.3 cents less than this year’s June 13 high and 32 cents cheaper than the price for a gallon of fuel this time last year.
Every region reported falling prices, paced by the West Coast, less California, where diesel was down 4.4 cents to $2.492. In California, the average price fell 2.3 cents to $2.741 per gallon, still the highest price in the contiguous 48 states.
Prices were down all along the East Coast as well, falling 3.8 cents in New England ($2.396), 4 cents in the Central Atlantic region ($2.441), and down 2.7 cents in the Lower Atlantic ($2.279).
The Rocky Mountain region posted a 1.5 penny decline to $2.419, while the price for diesel fell 3.7 cents in the Midwest, coming in at $2.304.
The Gulf Coast posted a 1.8 decrease to $2.224, still the lowest price for a gallon of diesel in the country.
The national average price for gasoline fell 2.3 cents for the week to $2.159.
These declines come as trading in oil futures fell below $40 a barrel for the first time since April, and were down more than 14% in July.