Fuel Prices Down Across the Country
Along with snow, ice storms, and winter weather advisors for nearly half the country, this week brings with it one thing that is not winter weather-related: lower fuel prices. Across the nation, the average price of diesel dropped $0.112 from last year’s price at this time of $3.991, while the average price of gasoline has fallen from last year’s $3.349 to this year’s $3.269, a drop of $.080. With the exception of the Lower Atlantic region for gasoline, the price of fuel has dropped in every area of the country according to the U.S. Energy Information Administration.
In diesel prices, the Central Atlantic region saw the sharpest drop in the past year, with a decrease of $0.202 from last year’s price of $4.129, for this year’s $3.927. The Midwest experienced a drop of $0.107 for this year’s price of $3.870 per gallon, while the West Coast saw prices drop from $4.042 to this year’s $3.993, a decrease of $0.049.
On the gasoline front, the Rocky Mountain region experienced the most dramatic decrease in price, with this year’s $3.077 per gallon price down $0.251 from last year’s $3.328. The Midwest saw a drop of $0.152 from last year’s $3.284, for this year’s price of $3.132, while prices on the West Coast dropped to $3.933, down $0.049 from last year’s figure of $4.042.
The only area that failed to see a decrease in prices was the Lower Atlantic region, which experienced a $0.022 increase from last year’s price of $3.300.
The drop in fuel prices over the past few weeks is in part being attributed to a glut in crude oil at U.S. Gulf Coast refineries. Some observers predict there will be an oversupply of crude oil in the U.S. in the coming year.
(Photo: Accura Media Group)