On-highway diesel prices fell slightly over the past week, down to a $3.767 per gallon for the nationwide average—the lowest since January 2022—according to federal data released July 3.
After dropping 3.4 cents, this is the ninth straight week retail diesel prices have remained less than $4 per gallon. It is also the fifth straight week the national average remained less than $3.82 per gallon, according to the U.S. Energy Information Administration. Motor club AAA tracked national diesel prices at $3.843 per gallon on July 4.
Summertime diesel prices are the cheapest in the Gulf Coast region, where it sat at $3.468 per gallon on July 3, according to EIA. The West Coast still has the most expensive diesel, according to the government tracker: $4.412 per gallon in all West Coast states, and $4.109 per gallon if California isn’t included in the average.
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Over the past week, the Rocky Mountain states saw the most significant dip in diesel prices. In those western states, prices fell to $3.95 per gallon by 7.2 cents. The West Coast saw just a 0.3-cent drop in diesel prices, according to EIA. And California was the only state to report a slight increase in average diesel prices, up 1.1 cents this week.
AAA had national gasoline prices averaging $3.529 on July 4. The EIA put the national average for regular unleaded fuel at $3.527 on July 3, a 4.4-cent drop from the previous week. On average, gasoline is $1.244 cheaper than this time last year. The lowest pump prices for consumer and lighter-duty fleet fuel can be found on the Gulf Coast, which averaged $3.108 per gallon this week. The priciest gasoline is on the West Coast, averaging $4.533 per gallon.
“Just ahead of Independence Day, the national average has fallen to its lowest level since late April, with oil prices remaining under considerable pressure due to a cloudy outlook for the global economy,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “We could see gasoline prices under some additional pressure soon, especially as we head into the closing innings of summer next month.
De Haan expects fuel demands to increase as summer travel season picks up and gasoline prices remain around the season's lowest point. GasBuddy analysts see the potential for sub-$3 per gallon gasoline by the fall.