Fuel Prices Down Across the Nation

By Jesse Sokolow on 16 October 2014
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A New York City filling station earlier in the week

A New York City filling station earlier in the week

The leaves aren’t the only thing that are falling this autumn – this past week, fuel prices around the country were significantly lower than they were a year ago.

Nationwide, the average price for a gallon of gasoline was $3.207, a $0.147 drop from last year’s cost, according to the U.S. Energy Information Administration.  Meanwhile, the average price for a gallon of diesel fell $0.188, for the current price of $3.698.

The Midwest saw the greatest drop in gasoline prices, with a $0.211 decrease for this year’s $3.084.  New England experienced the next largest drop, with a $0.172 decrease, while the West Coast and Rocky Mountain regions saw a $0.148 and $0.116 drop, respectively, and the Central and Lower Atlantic regions experienced a $0.107 and $0.102 decline.

The Midwest also saw the largest decrease in diesel prices, with a gallon of diesel falling $0.218, for a price of $3.636.  This was closely followed by New England, which experienced a $0.217 price drop.  Next was the Lower Atlantic region, where prices dropped $0.199.  In the Gulf Coast, the average price for a gallon of diesel fell $0.160, while the West Coast experienced a $0.156 decline.

Fuel prices typically drop in the fall as demand tapers off and refineries shift to a less-expensive winter blend of gasoline.  This year, the price drop was helped by an increase in U.S. oil production and a precipitous drop in the global price of oil, which is near $83 per barrel, down roughly 28%, or $32, from its high for the year.

(Photo: Accura Media Group)

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