Diesel prices fall to lowest level in more than two years

Diesel prices headed down again, according to data issued by the Department of Energy’s Energy Information Administration (EIA).

The average price per gallon of diesel fuel dropped 2.2 cents to $3.733 per gallon, which marks the 14th consecutive week without an increase in price, during which time it has fell a cumulative 18 cents. Prices are down 28.8 cents since the week of March 10, when the average price per gallon was at $4.021. And the average price per gallon is down 16.4 cents year-over-year.

Diesel prices have been down in 25 of the last 30 weeks and are at its lowest level since the week of July 16, 2012, when it hit $3.695.

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.

Oil barrel prices on the New York Mercantile Exchange were at $90.27 earlier today, according to a MarketWatch report. The report said that crude oil is down 8.2 percent year-to-date.

To read more about diesel prices, please read yesterday’s LM news story, which looks at how shippers are approaching the current diesel situation.