6/26/2012 11:30:00 AM
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Downturns Follow Oilâ€™s Slide to Below $80 a Barrel
Bruce Harmon/Trans Pixs
Diesel fell for the 11th straight week, dropping 5.1 cents to $3.678 a gallon, a 16-month low, while gasoline dropped almost a dime, the Department of Energy said Monday.
Gas fell 9.6 cents â€” its biggest decline in more than a year â€” to $3.437, its lowest price in five months, DOE said following its weekly survey of filling stations.
The diesel downturn left truckingâ€™s main fuel 21 cents below the same week last year, while gasoline is 13.7 cents under a year ago.
Dieselâ€™s national average pump price has plunged 47 cents in the past 11 weeks, while gasoline has plummeted 50.4 cents in 12 straight declines.
Dieselâ€™s price is the lowest since it was $3.573 on Feb. 21, 2011, and gas is at its lowest since it was $3.389 on Jan. 23 of this year.
The downturns followed lower oil prices, with crude tumbling to below $80 a barrel late last week for the first time since early October.
Oil fell 55 cents Monday to close at $79.21 a barrel on the New York Mercantile Exchange, Bloomberg reported.
Each week, DOE surveys about 350 diesel filling stations to compile a national snapshot average price.
Â© 2012, Transport Topics Publishing Group. All rights reserved.
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