Cost Has Come Down 21.4¢ Since Mid-July
The U.S. national average diesel price decreased by 3.7 cents to settle at $3.651 per gallon, according to Energy Information Administration data released Aug. 26. This marks the seventh consecutive week of price declines, with the cumulative decrease reaching 21.4 cents since mid-July.
Highlights
Year Over Year: The national average price is down by 82.4 cents compared with the same period last year. Regionally, the Rocky Mountain region and West Coast less California subregion have seen the largest year-over-year drops, with decreases of $1.05 and $1.08 per gallon, respectively.
Gasoline Update: The national average price for a gallon of gasoline fell 6.9 cents to $3.313 a gallon. That’s 50 cents less than it cost at this time in 2023.
U.S. On-Highway Diesel Fuel Prices
Regional Analysis
Diesel prices fell across all 10 regions in EIA’s weekly survey, ranging from 5 cents in New England to 1.3 cents in the West Coast less California subregion.
East Coast (PADD 1): The average diesel price in the East Coast region fell by 3.2 cents to $3.725 a gallon. Within this region, New England (PADD 1A) experienced the steepest drop of 5 cents, bringing the price to $3.969 a gallon. The Central Atlantic (PADD 1B) saw a 1.5-cent decline, while the Lower Atlantic (PADD 1C) reported a decrease of 3.6 cents.
Midwest (PADD 2): The Midwest recorded the largest regional drop this week, with prices falling by 4.7 cents to $3.627 per gallon.
Gulf Coast (PADD 3): Prices along the Gulf Coast, which consistently has the lowest diesel prices nationwide, decreased by 3.8 cents, reaching $3.317 per gallon.
Rocky Mountain (PADD 4): The Rocky Mountain region saw a decline of 4.2 cents, bringing the average price to $3.608 per gallon. Despite the drop, this region still maintains relatively stable pricing compared with other areas.
West Coast (PADD 5): The West Coast experienced a smaller decline, with prices dropping by 2.2 cents to $4.272 per gallon. Within this region, California saw a decrease of 3.2 cents, setting the price at $4.707 a gallon, while the West Coast less California subregion saw a drop of 1.2 cents, bringing its average to $3.893 a gallon.
What It Means
The sustained decline in diesel prices can be attributed to various factors, including decreased demand, stable crude oil prices and seasonal shifts in fuel consumption. These trends have provided some cost relief for the trucking and logistics industries, which have faced elevated fuel costs over the past two years.
Source: ttnews.com
