Diesel prices drop, ending three-week climb

U.S. on-highway diesel averaged $6.292 a gallon in the week ending Nov. 2, down 6 cents from the prior week, according to the Energy Information Administration.

The decline breaks a three-week run of increases that had pushed the national average to $6.352. Diesel still costs $2.54 more than a year ago and about $2.76 more than two years ago.

Every region EIA tracks posted a lower diesel price this week, though the size of the drop varied widely.

California fell 7.9 cents to $8.076, the largest weekly decrease in the diesel survey, but it remains the only area above $8. California diesel is also up $3.14 from a year ago, the steepest annual increase anywhere EIA reports. The broader West Coast region slipped 5.7 cents to $7.272.

The Midwest and Rocky Mountain regions gave back much of last week’s gains. Midwest diesel dropped 7.8 cents to $6.402, and the Rockies fell 7.6 cents to $6.445.

The Northeast barely moved, with New England down half a cent to $6.416 and the Central Atlantic down a penny to $6.486. Because other regions fell faster, the Central Atlantic now has the highest diesel price outside the West Coast, ahead of the Rockies, which held that spot last week.

The Lower Atlantic region, which includes Florida, Georgia and the Carolinas, dropped 7.6 cents to $5.814 and remains the cheapest diesel in the country as Florida’s fall and winter vegetable shipping gets underway. Gulf Coast diesel eased 3.9 cents to $5.912.

Regular gasoline fell harder. The national average for regular dropped 11.6 cents to $4.153, which widens diesel’s premium over gas to about $2.14 a gallon.

The Rocky Mountain region led the decline at 24.5 cents, and Colorado fell 39 cents to $4.068. The Midwest reversed last week’s jump with a 16.7-cent drop; Ohio fell 29 cents to $4.090. California regular averaged $5.748, down 14 cents.

EIA’s next update is scheduled for Nov. 10.