Diesel prices fall 1.6 cents, reports EIA

Following a one-week respite in which the average price per gallon of diesel gasoline saw a weekly gain for the first time in 19 weeks, diesel prices resumed their downward slide this week, according to the Department of Energy’s Energy Information Administration (EIA).

The average price per gallon slipped 1.6 cents to $3.661 per gallon on the heels of a 5.4 cent gain last week, which marked the first increase since the week of June 23, when the weekly average headed up 3.7 cents to $3.919 per gallon. During that period, prices dropped a cumulative 29.6 cents from June 23, when the weekly average was $3.919 to November 3, when the weekly average was $3.623.  

On an annual basis, the average price per gallon is down 16.1 cents, and prices have fallen 36 cents 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 $3.83 and $3.80 in 2015, with crude oil at $97.72 per barrel in 2014 and $94.58 in 2015.

WTI crude oil is at $75.14 per barrel on the New York Mercantile Exchange, according to a Bloomberg report.