The beginning of the holiday season saw both diesel and gas prices continue to slip nationwide. Current on-highway diesel fuel prices are sitting at $4.294 per gallon, the U.S. Energy Information Administration reports, which is down seven cents from last week and more than a dollar from last year. This decline is mirrored in each major U.S. region as well.
The continual drop means diesel prices are almost what they were at the beginning of August, which is a welcome relief for some regions since the Midwest, Rocky Mountains, and the Gulf Coast saw a slight uptick in diesel prices on Oct. 23. But after that slight increase, Nov. 13 is the third continuous week without any price increases throughout the country.
Read more: Renewable diesel 'proven, available' for immediately reducing greenhouse gas: ETF study
The Rocky Mountain region experienced the most significant drop in price of 13 cents, reaching $4.356 per gallon. The Midwest, Gulf Coast, and West Coast—with or without including California prices— all also saw price drops of 10 cents or more, reaching $4.308, $3.927, $5.139, and $4.651 per gallon, respectively. Meanwhile, the rest of the country saw diesel prices decrease by 2 to 8 cents. The Gulf Coast is still the cheapest place to purchase fuel, as it dipped below $4 for the first time since Aug. 7, while California remains the most expensive at $5.699.
The AAA motor club also noted a drop in diesel prices. The fuel cost average is $4.348, down 6 cents from last week and just over a dollar from last year.
According to the EIA’s Short-Term Energy Outlook, retail diesel prices have remained above the annual average in the later months of the year but are forecasted to dip below average in 2024. This could be because the administration anticipates global oil fuel production will increase by 1 million barrels daily in 2024. However, there is still some uncertainty about that statement.
“Although the conflict between Israel and Hamas has not affected physical oil supply at this point, uncertainties surrounding the conflict and other global oil supply conditions could put upward pressure on crude oil prices in the coming months,” EIA stated in its forecast overview.
Gasoline pump prices down to $3.349 per gallon nationally
As for gasoline prices for consumers and some commercial fleets, they also continued to drop across the U.S. The EIA reported gas prices at $3.349 per gallon, down 4.7 cents from a week ago and 41.3 cents from a year ago. As with diesel prices, the Rocky Mountain region showed the most significant change in the price of 11 cents. The AAA almost corroborated the EIA’s national gas average, as they reported prices at $3.365 per gallon, dropping by 5 cents from last week and 41 cents from a year ago.
In a press release, the organization explained that the gas price dip may pick up due to recent drops in oil prices, which have roughly reached the mid-$70s per barrel.
“Domestic gas prices are amid their usual seasonal swoon,” said Andrew Gross, AAA spokesperson. “Pump prices have fallen or remained flat every day since September 19.”
The Gulf Coast is currently the cheapest place to buy gas at $2.809, and California and the West Coast are the most expensive at $4.870 and $4.133.
This article was originally published on FleetOwner.com.
