Diesel drops to its lowest weekly average since March 2010

Diesel prices continued their ongoing decline, with the average price per gallon falling 6.7 cents to $2.866 per gallon, according to data issued this week by the Department of Energy’s Energy Information Administration (EIA).

This most recent decline follows a 12-cent drop to $2.933 per gallon on January 19, which marked the first time diesel prices fell below $3 per gallon going back to the week of September 27, 2010, when it was at $2.951.  And it is the lowest average price per gallon since it was at $2.861 the week of March 1, 2010.

The average price per gallon of diesel has seen one increase over the last seven months, going back to the week of June 30, 2014, when it rose from $3.919 per gallon to $3.912. Since June 30, 2014, the only week seeing an increased from $3.623 the week of November 3 to $3.677 the week of November 10.

Compared to the same week a year ago, the EIA said that prices are down $1.058 cents, with diesel off $1.115 since hitting a 2014 high of 4.021 during the week of March 10.

In its recently-issued Short Term Energy Outlook, the EIA pegged the average price for diesel prices in 2014 at $3.82 and $3.07 in 2015, with crude oil at $93.82 per barrel in 2014 and $62.75 in 2015.

Bloomberg reported that the average price of oil was at a near five and a half year low of $44.15 per barrel.