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MarketBeat (WSJ Blog) – Gas Prices Down 13 Weeks; Longest Streak Since 2008
Gas prices fell in the past week for the 13th straight week, something that hasn’t happened since a 15-week streak that ended in December 2008: Dow Jones’ Jerry DiColo reported:
The national average price of retail diesel fuel fell 3 cents to $3.648 a gallon in the week ended Monday, the U.S. Energy Information Administration said. Prices are the lowest price since Feb. 21, 2011, and are 20 cents below a year ago. Diesel dropped for a 12th straight week, falling 50 cents since early April in the longest losing streak since a 14-week decline ending in early January 2009…The latest price puts retail diesel at 23.4% below the record high level of $4.764 a gallon hit on July 14, 2008. Back then, diesel carried a premium to a year earlier of $1.875 a gallon as crude oil prices soared to record highs near $150 a barrel.
Source: Bianco Research