U.S. diesel price falls 4.2 cents to $2.045

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The national average retail price fell 4.2 cents to $2.045 for the week ending Monday, March 9. This week’s price is $1.774 less than the same week last year, and is the lowest price since Feb. 21, 2005, when it was $2.02, according to the U.S. Department of Energy.

The U.S. average price has fallen $2.719 after hitting a record high of $4.764 on July 14. Since then, the price has fallen 32 of the last 34 weeks, with the only increases happening Sept. 29 when the price climbed one-tenth of a cent; and Jan. 12, when the price climbed 2.3 cents.

All regions tracked by DOE saw price declines. The largest decrease by region, 7.4 cents, was found in the Rocky Mountains, where week-over-week prices fell to $2.017. The smallest decrease by region, 2.7 cents, was found in the Central, where week-over-week prices fell to $2.287.

The nation’s most expensive diesel by region, $2.434, was found in New England, where week-over-week prices fell 3.8 cents. The nation’s least expensive diesel by region, $1.988, was found in the Midwest, where week-over-week prices fell 4.2 cents.

California, which DOE tracks separately for its weekly update, saw a price decline of 6.9 cents to $2.075; that price is $1.88 cheaper than last year. For state-by-state diesel prices, updated daily, click here.

The national average price for gasoline is now $1.993 a gallon, just 5.2 cents below diesel. Diesel has been dropping more than 4 cents per week in recent weeks, while gasoline was up half a cent this week and 2.5 cents the previous week.