Diesel prices dropped 2.3 cents to $3.605 per gallon, according to the Department of Energy’s Energy Information Administration (EIA).
This decline comes on the heels of the 3.3 cent drop last week and stands as the lowest average weekly price per gallon since the week of February 21, 2011, when it checked in at $3.573.
In the last 22 weeks, diesel has seen only one weekly gain, which came the week of November 10, when the average price per gallon headed up 5.4 cents to $3.677.
On an annual basis, the average price per gallon is down 27.8 cents, and prices have fallen 41.6 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 dropped to its lowest level in five years last week at $66.15 on the New York Mercantile Exchange last week, which was its lowest level since September 2009. The price today is at $67.95, according to a Wall Street Journal report.
Oil prices have tumbled since last week’s decision by the Organization of Petroleum Exporting Countries to not cut production levels, even though prices have continued to decline. With that decision, production levels remain capped at 30 million barrels per day, despite decreasing global demand, which, in turn, has led to downward pricing.