U.S. diesel price tumbles 7.3 cents, $3.021

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Diesel Prices1

The national average retail price of a gallon of diesel declined for the second consecutive week, this time falling 7.3 cents to $3.021 for the week ending Monday, May 24. The price has fallen 10.6 cents in the past two weeks after six consecutive weeks of rising prices. Still, this week’s price is 74.7 cents higher than the same week last year, according to the U.S. Department of Energy.

All regions tracked by DOE saw price decreases. The biggest decrease, 8.2 cents, was found in the Midwest, where prices fell to $2.985. The smallest decrease, 4.4 cents, was found in New England, where prices fell to $3.098.

The nation’s most expensive diesel by region, $3.165, was found in the Central Atlantic, where prices fell 6.7 cents. The nation’s least expensive diesel by region, $2.977, was found on the Gulf Coast, where prices fell 6.5 cents.

California, which DOE tracks separately for its weekly update, saw a price decrease of 7.6 cents to $3.162; still, that price is 75.5 cents higher than the same week last year.

DOE’s latest monthly short-term energy outlook projects that diesel will average $3.05 this year and $3.20 in 2011; last year, diesel averaged $2.46 a gallon.