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Diesel prices' slow decline into 2024

Jan. 10, 2024
The EIA logged diesel prices at $3.828 per gallon the week of Jan. 8, showing a continued overall decline from September, even if not at the same pace.

With the close of the 2023, nationwide diesel prices are also experiencing a holiday letdown, as the U.S. Energy Information Administration (EIA) is reporting a current national average of $3.828 per gallon the week of Jan. 8. But while these prices are still lower than last week's average (if only by 4 cents), prices are not seeign the same drop that began mid-September 

All the same, even a minimal decrease in cost can make a difference for a driver, which makes it good news that diesel prices decreased from last week and last year across the board. Specifically, the national average is 72 cents cheaper than this time in 2023, and the Rocky Mountain region saw the biggest drop of 9 cents to $3.797. On the lower end, the New England sub-region only saw a small decrease of one cent to $4.322. Between those two extremes, the West Coast (excluding California) saw a diesel price drop of six cents to $4.063, and the Midwest a dip of 5 cents to $3.692.

With both areas performing consistently in the new year, the Gulf Coast is still the cheapest place for diesel fuel at $3.531 per gallon, while California is the most expensive at $5.152.

The AAA motor club’s diesel average still outpaces the EIA’s by 12 cents at $3.946, only 4 cents cheaper than last week’s club average, but still lower than last year’s mark at $4.664 per gallon.

Read more: Diesel prices level off to close 2023

Gasoline price drop ebbs, but prices overall down

While the EIA noted that gasoline prices have continued to drop as diesel has, with the national average at $3.073, prices did increase in a few areas. The national average is roughly one cent cheaper than a week ago, and 18 cents less than a year ago, but the Lower Atlantic subregion saw an infinitesimal increase in gas prices and the Gulf Coast saw an increase of two cents to $2.765.

Otherwise, the region with the largest price drop for gas was the West Coast without Caliornia, which dipped 7 cents to $3.648 per gallon. The smallest price drops were in the national average and the East Coast, which each only lost one cent, according to the EIA. Additionally, the West Coast’s prices, including California, are higher than this time last year by 11 cents.

Overall, California is the most expensive place for regular gasoline at $4.459 per gallon, while the Gulf Coast is the least expensive at $2.766.

For gasoline prices, the AAA motor club’s estimate is very close to the EIA’s at $3.077 per gallon. The week of January 8 saw a price drop of 4 cents by the AAA’s reckoning, and is overall lower than last year’s average of $3.281. This could be due to decreased demand from the conclusion of holiday over-the-road travel, but isn’t likely to lead to any more significant price cuts, the AAA anticipates.

“Barring some unexpected shock to the global oil market, gas prices will likely shuffle up and down a few cents for a while,” said Andrew Gross, AAA spokesperson.

About the Author

Alex Keenan

Alex Keenan is an Associate Editor for Fleet Maintenance magazine. She has written on a variety of topics for the past several years and recently joined the transportation industry, reviewing content covering technician challenges and breaking industry news. She holds a bachelor's degree in English from Colorado State University in Fort Collins, Colorado. 

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