The average nationwide on-highway price for a gallon of diesel fuel hit its lowest weekly level yesterday since March 23, 2009, the depths of the Great Recession. That's according to data published late Monday by the Department of Energy's Energy Information Administration (EIA).
The average price hit $2.177 a gallon, down more than 3 cents a gallon from the prior week and more than 87 cents a gallon from the same levels a year ago, EIA said. The agency releases weekly price data around 5 p.m. each Monday.
EIA divides its pricing data by regions. They include the East Coast—which has three subregions; the Midwest; the Gulf Coast; the Rocky Mountains; the West Coast excluding California; and California as a stand-alone market. The Gulf Coast—traditionally the region with the lowest retail prices because of its close proximity to the nation's refinery infrastructure—came in at $2.08 a gallon. That was followed by the Midwest at $2.09 a gallon. Diesel sold in California, normally the most expensive region because of higher taxes and costly state regulations, was priced at $2.56 a gallon, according to EIA data.
The nationwide retail price of diesel hit a cyclical high of $4.02 a gallon on March 10, 2014.
Brené North Sea crude oil, the benchmark used to price diesel fuel, declined yesterday to as low as $30.34 a barrel in London trading. A barrel of West Texas Intermediate crude trading in New York yesterday touched $29.93, its lowest intraday level since December 2003.