Fuel prices have continued to cool off after the summer heat, even in the Rocky Mountains and Midwest regions, where both regions experienced an uptick in diesel costs last week.
Currently, the U.S. Energy Information Administration noted that on-highway diesel fuel prices are at $4.454 per gallon nationwide, about 9 cents less than the week before and 86 cents cheaper than this period in 2022. Diesel prices dropped in all U.S. regions, with nationwide prices the lowest since September. The region that experienced the most significant price dip was the West Coast, where diesel costs dropped by 12 cents (it was down 11 cents if you don't include the more expensive California figures).
AAA's motor club recorded a similar decrease in diesel prices with a current average of $4.466, four cents cheaper than the week before. In a press release, AAA spokesperson Andrew Gross noted that while prices will likely continue to fall, fuel costs could remain relatively high due to international affairs.Read more: FleetOwner 2024 Equipment Specs: Trucks and tractors
"The oil market is very sensitive to global events, and fears of a widening war in the Middle East is keeping oil prices elevated for now," said Andrew Gross, AAA spokesperson, in a press release. "Domestically, drivers will likely see pump prices keep up this slow slide toward the holidays."
Even so, it's heartening to see lower domestic prices across the board, with regional prices dropping 9 cents on average. The cheapest place to purchase diesel fuel in the U.S. is still the Gulf Coast at $4.115 per gallon, followed by the East Coast at $4.342. California still has the highest price at $5.890, even with the state's diesel costs dropping below $6 for the first time in October.
Meanwhile, gasoline prices in the U.S. have continued their steady downward trend, with current nationwide prices at $3.473, or six cents lower than last week and 24 cents cheaper than last year. In comparison, AAA's national gas average is a few cents more expensive than the EIA's at $3.494. Regarding price volatility, the Rocky Mountain and West Coast regions experienced the most change over the past week, as each state's gas prices dropped between 11-13 cents.
Overall, the Gulf Coast remains the cheapest for consumer and work truck fuel at $2.965 per gallon, while California is the most expensive at $5.066.