The Department of Energy’s Energy Information Administration (EIA) reported this week that the average price per gallon of diesel gasoline dropped 1.8 cents to $2.814 per gallon.
This marks the seventh straight weekly drop during which time the average price per gallon has dropped, with the cumulative decline at 9.5 cents. And it also marks the longest period of weekly declines to date in 2015 as well.
Prior to this seven-week stretch of weekly declines, prices had headed up for four consecutive weeks, which saw prices top $2.90 per gallon each week.
The average price of a barrel of oil on the New York Mercantile Exchange was $52.20 at press time. And with Iran and a group of six nations, including the United States, coming to terms on an Iran nuclear deal, which calls for the removal of sanctions in exchange for curbs on Tehran’s nuclear program, according to CNN, the deal “could lead to a flood of new oil supply from Iran—the country has 30 million of barrels of crude in storage and ready for sale.”