Truck Driver News – Diesel Prices Soar, Hitting Wallets Hard

Tom
May 2, 2024
1:24 pm

In yet another blow to the wallets of Americans, both national and regional diesel prices have climbed once again this week, with some areas experiencing an increase of up to 20 cents per gallon. The most recent report from ProMiles.com reveals that the national average for diesel now stands at a staggering $4.516 per gallon, following an alarming 6.7-cent spike.

ProMiles.com, known for its comprehensive reports on fuel prices, often likened to the federal Energy Information Administration (EIA) reports, has provided a stark revelation. The key difference between these two reports lies in the methodology used to calculate fuel averages. While ProMiles.com taps into thousands of truck stops to derive its averages, EIA relies on data from a mere 400 truck stops and convenience stores nationwide. Furthermore, the EIA report includes the previous week’s diesel price averages.

This week, the California region witnessed the most substantial price hike, with diesel prices surging by nearly 21 cents. The West Coast and the West Coast without California regions also experienced significant increases of 16.1 cents and 11 cents, respectively.

Remarkably, the Gulf Coast region, while posting a double-digit increase, managed to maintain the lowest average diesel price at $4.21 per gallon for the week.

The average diesel prices across the United States as of Monday, September 18, 2023 according to ProMiles.com, are as follows:

U.S. – $4.516 per gallon, marking a 6.7-cent increase
East Coast – $4.497 per gallon, up by 5.2 cents
New England – $4.512 per gallon, showing a 6.5-cent increase
Central Atlantic – $4.658 per gallon, reflecting a 7-cent uptick
Lower Atlantic – $4.41 per gallon, rising by 4.1 cents
Midwest – $4.357 per gallon, with a 3.1-cent increase
Gulf Coast – $4.21 per gallon, surging by 10.1 cents
Rocky Mountain – $4.74 per gallon, up by 5.1 cents
West Coast – $5.654 per gallon, soaring by 16.1 cents
West Coast without California – $5.137 per gallon, rising by 11 cents
California – $6.159 per gallon, registering a shocking 20.6-cent increase

Meanwhile, AAA reported the national retail average price per gallon of diesel to be $4.575 on September 18, marking a noticeable uptick from $4.475 per gallon just a week prior. A month ago, diesel prices stood at $4.347 per gallon, while a year ago, the figure was a lofty $4.96 per gallon. The highest recorded retail average for U.S. diesel prices occurred on June 19, 2022, at $5.816 per gallon.

The EIA’s report from September 18 reveals a national price increase of 9.3 cents per gallon, bringing the average diesel price to $4.633. However, it’s worth noting that this national average is still 33.1 cents lower than it was one year ago.

The EIA report also highlights that the most substantial price hikes are occurring in the western part of the country. California, in particular, experienced a whopping 22-cent increase, with the West Coast region seeing a 16-cent surge and the Gulf Coast witnessing a 14-cent increase. Meanwhile, New England and the West Coast, excluding California, faced slightly lower increases of just under 11 cents.

According to the EIA’s September short-term energy outlook, they anticipate the national diesel average to stabilize at $4.31 per gallon for the remainder of 2023.

The average U.S. diesel prices as of Monday, September 18, according to the EIA, are as follows:

U.S. – $4.633 per gallon, up by 9.3 cents
East Coast – $4.537 per gallon, increasing by 5.8 cents
New England – $4.587 per gallon, rising by 10.9 cents
Central Atlantic – $4.748 per gallon, marking a 9.7-cent uptick
Lower Atlantic – $4.456 per gallon, with a 3.9-cent increase
Midwest – $4.492 per gallon, up by 6.5 cents
Gulf Coast – $4.352 per gallon, surging by 14 cents
Rocky Mountain – $4.864 per gallon, reflecting a 5.4-cent increase
West Coast – $5.695 per gallon, rising by 16 cents
West Coast without California – $5.26 per gallon, increasing by 10.7 cents
California – $6.192 per gallon, witnessing a staggering 22.2-cent rise.

As diesel prices continue to soar, American consumers are bracing themselves for the economic impact, with each fill-up becoming an increasingly costly affair.