Retail diesel prices slipped seven-tenths of a cent to an average of $4.098 per gallon last week, according to the U.S. Energy Information Administration.
The second small decline in four weeks may be a sign that prices are beginning to stabilize after rising dramatically almost every week since early December. The price of diesel shot up 30 percent between Nov. 29 and April 18. The EIA report of April 25 shows diesel is still higher than it has been since Sept. 2008.
But crude oil futures have been up and down through April leaving the asking price for West Texas Intermediate on the New York Mercantile Exchange at $112.29 per barrel last Thursday, 50 cents lower than it was two weeks earlier. Crude was trading at $112.13 on the NYMEX before 3:00 p.m. Monday, indicating some relief may be coming at the pump soon.
By The Numbers:
U.S. Diesel Prices
Last week’s biggest drop in retail diesel prices came on the West Coast, which still has the nation’s highest prices. Diesel fell 1.4 cents to $4.305 per gallon, higher than last year at this time by $1.094 per gallon.
The lowest prices were on the Gulf Coast, where diesel fell nine-tenths of a cent to $4.024 per gallon, up 98.6 cents from a year earlier.
The only region where the average went up was in the Rocky Mountains. Diesel increased eight-tenths of a cent to $4.134 per gallon, above last year’s mark by 99.7 cents.