Diesel prices fell for the sixth straight week, according to data issued by the Department of Energy’s Energy Information Administration (EIA) this week.
At $2.832 per gallon, the average price per gallon was down 1.1 cents, following drops of 1.6 and 1.1 cents the previous two weeks and a cumulative 8.2 cent cumulative drop over the last six weeks.
Prior to this six-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 $52.53 at press time, marking its lowest level since February.
CNN reported that if an Iran nuclear deal is reached by this week’s deadline, national average gas prices could be closer to $2 per gallon in the coming months.
The report noted that Irag has the fourth biggest oil reserves in the world, and a major component of the nuclear deal is that the West will lift sanctions on Iran, allowing it to increase its oil exports, which could increase the current oversupply of oil and, in turn, further decrease gasoline prices.