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Average Price of Diesel Falls Another 3.8¢ to $2.399 a Gallon

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Average Price of Diesel Falls Another 3.8¢ to $2.399 a Gallon

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The national average price of diesel fuel continued its steady downward slide, falling 3.8 cents to $2.399 a gallon, according to the Energy Information Administration’s weekly report on fuel prices released May 4.

Trucking’s primary fuel is now 77.2 cents per gallon cheaper than a year ago.

Prices fell in all regions. The Rocky Mountain region saw the most significant decrease at 6.4 cents from the previous week, and diesel is now $2.37 in that area. California and the Central Atlantic regions saw the smallest decline at 2.3 cents. In California, the price of diesel is now $3.191 per gallon, 90.6 cents less expensive than a year ago, making it the largest 12-month variance of any region in the nation.

The region with the smallest year-over-year difference is New England at 59.3 cents, where diesel fell 2.5 cents to $2.652 per gallon.

In the Central Atlantic region, the price of diesel is $2.688 a gallon, 69.1 cents a gallon less than last year.

Nine of the 10 EIA regions have fallen below $3 a gallon for diesel, with California being the only holdout.

The last time diesel was this affordable was early October 2016.

The cost of oil mainly dictates the sliding price of diesel. According to EIA, 29% of the price of a gallon of diesel is tied to the price of oil, while 12% comes from refining. Distribution and marketing make up 39%, and 21% goes to local, state and federal taxes.

West Texas Intermediate oil, the industry benchmark, closed at $21.15 a barrel May 4. One year ago, it was $61.66 a barrel.

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Source: https://www.ttnews.com/articles/average-price-diesel-falls-another-38c-2399-gallon

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