Diesel hits lowest level since 2005

The average diesel price in the U.S. fell five cents to $2.37 per gallon for the week of December 22, 2008, according to the Energy Information Administration (EIA), reaching its lowest price since August 2005.

The price of a barrel of U.S. crude oil has fallen below $40, closing yesterday at $39.91even as the Organization of Petroleum Exporting Countries (OPEC) promised to cut production by 2.2 million barrels a day, according to the Associated Press.

The most expensive area for diesel fuel continues to be New England, where it averaged $2.69 per gallon. The least expensive areas are the West Coast and Rocky Mountain areas, where it averaged $2.27 per gallon.