The national average retail price of a gallon of diesel fell 5.6 cents from last week to $3.27 for the week ending Monday, Jan. 21, according to the U.S. Department of Energy. DOE’s weekly report was delayed one day because of Martin Luther King Jr. Day.
The price has fallen 10.6 cents in the last two weeks, but this week’s price is still 84 cents higher than the same week last year. The average price now has been above $3 for a record 18 consecutive weeks.
All eight regions tracked by DOE saw price declines. The largest decline, 9.3 cents, was in the West Coast region, where prices fell to $3.327. The smallest decline, 2.7 cents, was in the New England region, where prices fell to $3.594, the nation’s most expensive diesel by region; the area normally sees higher-than-average prices during the winter. The nation’s cheapest diesel, $3.222, was found in the Gulf Coast region, where week-over-week prices fell 4.4 cents.
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. Three weeks ago, the price-per-barrel of oil surpassed $100 for the first time, but that price has retreated since.
For state-by-state diesel prices, updated daily, click here.