Gasoline, Diesel Prices Continue to Drop Nationwide
Fuel prices across the United States are steadily falling, providing relief to truckers, companies, and everyday drivers. Both diesel and gasoline prices have been on a consistent downward trend for weeks. The most recent data from the U.S. Energy Information Administration (EIA) highlights this drop, which has been particularly notable in some regions.
Key Highlights of Drop in Diesel Prices
Diesel prices have dropped for 10 straight weeks, bringing the national average to $3.526 per gallon. This is a decrease of 2.9 cents from last week, and 33.9 cents since early July. Compared to this time last year, diesel is $1.107 cheaper per gallon, which offers significant savings for the trucking industry.
One of the most striking examples of this drop comes from the West Coast. Over the past year, prices in this region have fallen by $1.451 per gallon, the largest decline in the country. Despite having the highest prices in the U.S., even California saw a slight drop of 0.6 cents, bringing the average price in the state to $4.733 per gallon.
The Rocky Mountain region also saw a significant year-over-year drop of $1.276 per gallon, though prices did see a small increase of 2.1 cents in the past week, bringing the average to $3.588 per gallon.
Gasoline Prices also on the Decline
Gasoline prices are also moving in the same direction. The national average for a gallon of gasoline is now $3.18, a decrease of 5.6 cents from last week. This is 69.8 cents lower than the price at the same time in 2023.
The largest gasoline price drop occurred in the Midwest, where prices fell by 9.3 cents over the past week. This sharp decrease stands out compared to other regions, where the price drops were more modest.
Regional Fuel Price Trends
Here’s a snapshot of how fuel prices are trending across different regions:
East Coast: Diesel prices dropped by 3.4 cents, bringing the average to $3.585 per gallon. New England saw the biggest weekly drop within this region, with prices falling by 5.3 cents to $3.818 per gallon.
Midwest: The Midwest saw a significant drop in diesel prices, with a 4.7-cent decrease this week. Diesel now averages $3.481 per gallon in the region, and prices are down by $1.011 compared to the same time last year.
Gulf Coast: The Gulf Coast typically has some of the lowest fuel prices in the nation. This week, the region saw a smaller drop of 1.8 cents, bringing the average to $3.172 per gallon. Year over year, prices in the Gulf Coast are down by $1.18.
West Coast: Diesel prices on the West Coast dropped by 1.3 cents this week, with the average now at $4.244 per gallon. California still leads the nation with the highest prices, but the slight drop this week brings some relief.
What’s Driving the Decline?
Several factors are contributing to the decline in fuel prices. Increased output from refineries, a relatively calm global oil market, and lower demand have helped push prices down across the board. For truckers, these lower prices are especially welcome, as fuel is often one of their biggest expenses. The savings on diesel are helping both large fleets and independent drivers.
