Diesel price falls 2.8 cents, still third-highest ever

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The national average retail price of a gallon of diesel fell 2.8 cents from last week’s record high to $3.416 for the week ending Monday, Dec. 3. The new price is still the third-highest ever recorded and is 79.8 cents higher than the same week last year, according to the U.S. Department of Energy. The average price now has been above $3 for a record 11 consecutive weeks.

Prices fell in all but one region tracked by DOE: The New England region saw the only increase, $0.005, to $3.595, which was the nation’s most expensive diesel. The nation’s cheapest diesel was on the Gulf Coast, where prices fell $0.015 to $3.345.

The biggest decrease, $0.055, was on the West Coast, at $3.532. The smallest decrease, $0.004, was in the Central Atlantic region, where week-over-week prices fell to $3.570, the nation’s second-most expensive price.

Tight supply, growing demand worldwide and “heightened geopolitical risks” are to blame for the high prices of diesel and gasoline, said DOE’s Energy Information Administration.

For state-by-state diesel prices, updated daily, click here.