Diesel's national average price fell 4.8¢ for the week ending June 26, settling at $2.867/gal., the lowest since April. Still that price is 53¢ higher than the average for the same week in 2005, reports LandLine magazine.
The Rocky Mountain region had the biggest drop, falling 5.8¢ to $2.960/gal., the first time this region has been below the $3 mark since April. The Midwest also posted a significant drop of 5.4¢/gal., coming in at $2.819/gal. The Gulf Coast wasn't far behind at $2.822/gal., a decrease of 3.7¢/gal. from the previous weeks.
The Lower Atlantic had the lowest average, coming in at $2.816/ gal., down more than 5¢ from the previous week. The Central Atlantic fell 3.4¢ to $2.956/gal., while New England dropped less than 1¢ to $2.952/gal.
The East Coast posted an average of $2.864/gal., down 4.3¢ from the previous week. And, California posted the highest average at $3.140/gal., down 4.5¢, while the rest of the West Coast fell nearly 5¢ to $3.117/gal.
Meanwhile, oil prices continued to rise yesterday following a U.S. government report showing a drop in both oil and gas supplies. Light, sweet crude hit a $73.55/barrel high in midday trading on the New York Mercantile Exchange before settling back down closer to $72.
The U.S. Department of Energy weekly report said crude oil inventories fell by 3.4 million barrels the week of June 19 to 343.7 million barrels, which is still 4% higher than levels for the same week in 2005. Supplies of gasoline, however, were down 1 million barrels to 212.4 million barrels, about 2% below last year's levels.
Distillate stocks, which include diesel, were up 1.8 million barrels for the week to 126.3 million barrels. That's also up 13.1 million barrels from last year at this time.
-- Land Line Magazine