U.S. diesel price falls 5 cents to $3.326

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The national average retail price of a gallon of diesel fell 5 cents from last week to $3.326 for the week ending Monday, Jan. 14. However, the new price is still 86.3 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 17 consecutive weeks.

All eight regions tracked by DOE saw price declines. The largest decline, 5.7 cents, was in the Midwest region, where prices fell to $3.288. The smallest decline, 1.5 cents, was in the Rocky Mountain region, where prices fell to $3.261, the nation’s cheapest diesel by region. The nation’s most expensive diesel, $3.621, was found in the New England region, where week-over-week prices fell 2.3 cents.

Two weeks ago, the price-per-barrel of oil surpassed $100 for the first time. Tight supply, growing demand worldwide and “heightened geopolitical risks” are to blame for the high prices of diesel and gasoline, according to DOE’s Energy Information Administration.

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