Diesel prices fall for third straight week to $2.489 per gallon

The average price per gallon of diesel gasoline dropped 3.5 cents to $2.489 per gallon, according to data issued by the Department of Energy’s Energy Information Administration (EIA).

This follows decline of 4 cents and 0.7 cents the previous two weeks for a cumulative decline of 8.2 cents going back to the week of May 29 based on EIA data.

The week of May 29 saw a 3.2 cent gain, which was preceded by five straight weeks of declines of 0.5 cents, 2.1 cents, 1.8 cents, 1.2 cents, and 0.2 cents over the previous five weeks for a cumulative 5.8 cent decline going back to the week of April 17.

Compared to the same week a year ago, the average price per gallon is up 6.2 cents.

West Texas Intermediate crude oil is currently trading at $42.79 per barrel, with CNBC calling it a “bear market” for oil prices, as the benchmark dropped to its weakest

intraday prices since Nov. 14, when the contract hit $42.20 a barrel and adding that WTI is now down more than 22 percent from its 52-week intraday high of 55.24 struck on Jan. 3, putting the commodity in bear market territory.