The average price of diesel fuel across the U.S. plunged 6.2 cents in the past week to the lowest level in nearly four months, bringing relief to an industrial sector that has been struggling with higher energy costs.
The U.S. Energy Information Administration said the average price of diesel hit $3.888 a gallon in the week ending June 27, the seventh time in the past eight weeks the average weekly price has fallen since hitting a 2011 high of $4.124 the week of May 2.
By the Numbers: U.S Diesel Prices
The national average price was the lowest since the week of March 7, when the EIA measure reached $3.871, and soft prices for crude oil on world markets this week signaled prices at the pump could go lower. Crude oil futures trading on the New York Mercantile Exchange on Monday reached the lowest point since February.
California saw the steepest decline in diesel prices across the country, with prices down 9 cents a gallon, but the average price of $4.146 a gallon remained the highest across the U.S.
The lowest price was in the Gulf Coast region, where the average price fell 6.2 cents to $3.834 a gallon