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Residential Heating Fuel Prices Spiral Downward Through The Holidays
Residential heating oil prices fell for the twelfth consecutive week since the start of the heating season during the period ending December 29, 2008. The average residential heating oil price descended by 7.9 cents per gallon last week and 14.0 cents per gallon over the past two weeks to reach 233.0 cents per gallon, which was a decrease of 101.1 cents per gallon from this same time last year. Wholesale heating oil prices showed a two week drop of 21.6 cents per gallon, 13.1 cents per gallon of which came this past period to reach 136.1 cents per gallon, which is exactly half its cost of 272.2 cents per gallon at this time last year.

The average residential propane price continued to plod lower, totaling a fall of 2.3 cents per gallon over the past two weeks to reach 231.8 cents per gallon. This was a decrease of 20.6 cents per gallon from the 252.4 cents per gallon average for this same time last year. Wholesale propane prices oscillated between rising by 6.3 cents per gallon as of December 22, 2008 and then falling back by 4.6 cents per gallon, resulting in a relatively slight increase of 1.7 cents per gallon, from 79.0 cents to 80.7 cents per gallon during the fourteen day window. This was a decrease of 85.8 cents per gallon from the December 31, 2007 price of 166.5 cents per gallon.

National Average Gasoline and Diesel Prices Continue to Drop
For the fifteenth consecutive week, the national average price for regular gasoline fell. The price shrank 4 cents to 161.3 cents per gallon – the lowest since January 19, 2004 and 144 cents lower than the price a year ago. Prices also fell in all major regions, with the price on the East Coast slipping 4.1 cents to 163 cents per gallon. In the Midwest, the price dropped the most of any region, shrinking 5.6 cents to 156.7 cents per gallon. On the Gulf Coast, the average price dropped 5.2 cents. At 149.8 cents per gallon, the price there was the lowest of any region. In the Rocky Mountains, the price slipped 1.9 cents to 150.6 cents per gallon – the lowest it has been since January 5, 2004. The price on the West Coast was essentially unchanged, slipping just a tenth of a cent to 179 cents per gallon. In California, the price inched up four-tenths of a cent to reach 181 cents per gallon.

Diesel prices continued to slide downward, dropping for the thirteenth consecutive week nationwide. Prices fell in regions of the country, with the national average price dipping 3.9 cents to 232.7 cents per gallon, 101.8 cents below the price a year ago and the lowest since June 20, 2005. On the East Coast, the average price fell 4.6 cents to 242.3 cents per gallon, 97.6 cents below the price a year ago. The price in the Midwest slipped 4.5 cents to 231.4 cents per gallon. The average price on the Gulf Coast dipped to 226.4 cents per gallon, a drop of 4.2 cents. The price in the Rocky Mountains declined 2.2 cents to 225 cents per gallon, the lowest among the major regions. On the West Coast, the average price was essentially unchanged, moving down only one-tenth of a cent to 227.3 cents per gallon. The average price in California dipped one cent to 224.1 cents per gallon.  Click here to continue article.