US gasoline falls for a fourth week to $4.284 a gallon while diesel rises to $6.276

The average US price of regular gasoline fell for a fourth straight week to $4.284 a gallon on October 19, but remained $1.265 above its level a year earlier, according to the Energy Information Administration.

What happened

The national average was $4.284, down 4.7 cents from $4.331 on October 12 and $4.354 on October 5. Weekly data compiled by the St. Louis Fed show the average peaked at $4.478 on September 21 before falling to $4.465 on September 28; from the peak, the price is down 19.4 cents, or 4.3% (computed). The price was $1.140 higher than two years earlier.

By region and state

Prices fell in most regions. The West Coast averaged $5.557, down 8.2 cents; the Gulf Coast averaged $3.784, down 6.7 cents; and the East Coast averaged $4.064, down 5.4 cents. The Midwest was unchanged at $4.145 and the Rocky Mountain region rose 2.9 cents to $4.468.

California had the highest price among the states the agency lists, at $6.031, down 7.3 cents. Washington averaged $5.332 and New York $4.313. Texas averaged $3.704, down 7.5 cents. Ohio rose 17.9 cents to $4.049 and Colorado rose 9.9 cents to $4.274.

Diesel

On-highway diesel moved the other way. The national average rose 9.7 cents to $6.276 a gallon, from $6.179 on October 12. It was $2.656 above a year earlier.

What to watch

The EIA's next weekly update is scheduled for October 27. Crude oil, the main input to gasoline, has also been falling from its early-October highs: Brent crude settled at $115.22 on October 20, down from $130.03 on October 9, according to the EIA's daily series.