Average price per gallon of diesel down for ninth consecutive week, EIA reports

The Department of Energy’s Energy Information Administration (EIA) reported this week that the national average price per gallon for diesel gasoline dropped for the ninth straight week for the week ending December 17.

With a 4 cent decrease, the national diesel average is $3.121 per gallon, which follows declines of 4.6 cents, 5.4 cents 2.1 cents, 3.5 cents, 2.1 cents, of 1.7 cents, 2.5 cents, and 1.4 cents, respectively, over the previous eight weeks. Diesel has fallen a cumulative 27.3 cents over the last nine weeks.

Prior to the last nine weeks of declines, the weekly average price was $3.394 for the week ending October 15, which marked the single highest weekly average going back to the week of December 15, 2014, when it was at $3.419 per gallon, according to EIA data, and the average for the week ending October 8 was $3.385.

Over that nine-week stretch of gains, going back to the week of August 20 to the week of October 15, the national diesel average price increased by 18.7 cents over that span.

On an annual basis, this week’s $3.121 average is up 22 cents annually, which is down from last week’s annual spread of 25.1 cents, as well as annual spreads of 28.5 cents, 33.5 cents, 40.2 cents, 45.6 cents and 53.6 cents, respectively, over the five weeks prior to that.

West Texas Intermediate crude oil is currently trading at $48.80 per barrel on the New York Mercantile Exchange, down from $52.12 a week ago.