Diesel price continues skid, hits 3.5-year low

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The national average price for a gallon of on-highway diesel hit its lowest point in nearly five years in the week ended Oct. 27, falling 2.1 cents to $3.635, according to the Department of Energy’s Energy Information Administration.

The price drop brings the consecutive number of weekly price declines to 17, save for one week with no change in early September.

The U.S.’ average diesel price has fallen 28.5 cents in that time, pushing it to its lowest point since the week ended Feb. 21, 2011, when diesel hit $3.573 a gallon. The average is also 23.5 cents lower than the same week last year.

The DOE forecasts the trend to continue into the fourth quarter, too.

All regions in the U.S. saw price drops, too, except the Midwest, which had a five-tenths of a cent increase.

The Central Atlantic region led price drops with a 4.4-cent decline, followed by the East Coast’s 3.8-cent drop and California’s 3.7-cent drop.

California still has the country’s most expensive diesel, $3.876, followed by the West Coast’s $3.799.

The Lower Atlantic now has the U.S.’ cheapest diesel, $3.555, followed by the Gulf Coast’s $3.563.