Fuel Prices Lowest in Four Years

By Jesse Sokolow on 19 November 2014
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A New York City gas station on Wednesday

A New York City gas station on Wednesday

This week, fuel prices around the country were the lowest they have been in four years.  The price of a gallon of fuel dropped in every region of the country when compared to one year ago, and gasoline prices were universally down over the prior week. Meanwhile, diesel prices were down in every region except for the Western Region, where California saw a very small increase.

Nationwide, the average price for a gallon of gasoline was $2.894, $0.235 less than it was a year ago, according to the U.S. Energy Information Administration.  The average price for a gallon of diesel was also less than it was a year ago, down $0.161 with a current price of $3.661.

The Lower Atlantic region of the East Coast saw the greatest drop in gasoline prices, with a $0.388 decline for the current price of $2.815.  New England trailed closely behind, with a $0.382 drop, while the West Coast experienced a $0.353 decrease in price.  Prices on the Gulf Coast were down $0.331, with prices down $0.172 in the Rocky Mountain region.

New England experienced the greatest decline in price for a gallon of diesel, with costs falling $0.348, for a price of $3.633.  The next closest drop in price was in the Lower Atlantic, with a decline of $0.310 per gallon, followed by a decrease of $0.278 in the Central Atlantic region of the country.  The Gulf Coast saw a drop of $0.203 and the West Coast experienced a drop of $0.192, with the Rocky Mountain region and the Midwest seeing declines of only $0.069 and $0.008, respectively.

(Photo: Accura Media Group)

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