Diesel for February delivery fell 4.7% last week to end at $1.7957 a gallon Friday, the lowest closing price since Oct. 7, 2009. Prices have retreated 29% over the past nine weeks, the longest streak of down weeks ever, according to data going back to 1979.
Nationwide, the average residential heating-oil price fell 3.6 cents to $3.043 a gallon in the week ended Dec. 29, the lowest price since November 2010, according to the U.S. Energy Information Administration. The EIA expects households to spend an average of $1,722 on heating oil this winter, down 27% from last winter.
Companies that use diesel as a transportation fuel are also seeing lower costs. Melton Truck Lines in Tulsa, Okla., spends more than $150,000 a day on diesel fuel, down from about $200,000 a day in October, said Robert Ragan, Melton’s chief financial officer.