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Pump prices continue seasonal fall

Nov. 7, 2023
Diesel and gasoline prices fell for a second straight week as trucking's primary fuel is down to $4.366 per gallon, nearly a dollar less than a year ago.

Diesel prices in the U.S. have continued to drop throughout autumn, leading to a second straight week with no average price increases in the regions tracked by the government.

The U.S. Energy Information Administration reported that the nationwide average for U.S. on-highway diesel fuel prices fell to $4.366, 8 cents less than last week's average of $4.454. Pump prices this week are nearly a dollar cheaper than November 2022. While the overall drop was not as steep as the previous week's, diesel prices are still creeping toward the rates experienced this summer. They are roughly equivalent to what they were in mid-August, a whole month before 2023 prices peaked in mid-September at $4.633.

The region that experienced the most significant price change was the Rocky Mountain states, which saw a drop of 16.1 cents, closely followed by the Midwest and West Coast, not including California, each of which experienced 10-cent cost drops. Meanwhile, the rest of the country saw price cuts between a penny and nine cents.

See also: Diesel pump prices cooling with the weather

At $4.032 per gallon, the Gulf Coast remains the most affordable place to purchase diesel fuel, while California is the most expensive at $5.816.

In comparison, AAA's motor club fuel price tracking placed the current national diesel average at $4.400 per gallon, down from last week's $4.466 per gallon average. AAA's national diesel average was $5.334 per gallon a year ago this week.

As for gasoline prices, the EIA pegged the U.S. average at $3.396, down 7.7 cents from a week ago and 40 cents lower than a year ago. As with diesel prices, the Rocky Mountain and West Coast regions are among those experiencing some of the most considerable gas pump swings, with each dropping prices 12-13 cents. According to a press release from AAA, the continual autumnal decline is likely due to flat demand for fuel and lower overall oil costs; even continued conflict overseas could still impact prices.

"There are now thousands of gas stations selling regular below $3 a gallon and even a few that have dipped below $2," said Andrew Gross, AAA spokesperson. "We still need to watch global events for the effect on oil prices, but for now, drivers will benefit from falling prices with every visit to the pump."

AAA also sets its gas average for Nov. 6 slightly higher than the EIA at $3.418 per gallon. Even so, the cheapest pumps for consumer and work truck fuel can be found on the Gulf Coast, where prices dropped under $3 at $2.871 per gallon, while the most expensive almost reached $5 in California at $4.944.

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