The downward slide in diesel prices remained intact with the Department of Energy’s Energy Information Administration (EIA) reporting this week that the average price per gallon of diesel dropped for the fifth straight week and has not seen a weekly increase over the last 15 weeks.
Dropping 3.5 cents, the average price per gallon now stands at $3.698, which is 32.3 cents below the 2014 high of $4.021 during the week of March 10. The average price per gallon is down 18.8 cents year-over-year.
In its recently-issued Short Term Energy Outlook, the EIA pegged the average price for diesel prices in 2014 at $3.89 and $3.87 in 2015, with crude oil at $100.45 per barrel in 2014 and $96.08 in 2015.
The average price per barrel on the New York Mercantile Exchange was at $81.84, which is the lowest prices since June 28, 2012.