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diesel prices continue to decline

Diesel down to $4, gasoline costs continue climb

March 12, 2024
The nationwide average for diesel costs across the U.S. reached $4.004 per gallon the week of March 11, while gas prices inflated 2 cents to $3.376 per gallon.

Since a sharp increase in diesel prices about a month ago, trucking's main fuel costs have mostly shrank as winter winds down, according to the U.S. Energy Information Administration. For the fourth week in a row, the U.S. average for on-highway diesel pump prices fell about one cent to $4.004 per gallon, which is 24 cents less than this time last year.

While the price shifts for diesel remained small, one of the few regions with an increase was the West Coast (without California), which went up a penny to $4.166 per gallon. Otherwise, diesel pump prices dropped from less than a cent to 4 cents across major U.S. regions. 

The West Coast (with California) and the Midwest saw the smallest price drops of less than a cent, reaching $4.651 and $3.913 per gallon, respectively. Meanwhile, the Lower Atlantic subregion experienced diesel price drops of 4 cents to $4.033, and the East Coast overall saw diesel costs decrease 3 cents to $4.120.

As has been relatively consistent for the past several months, the Gulf Coast is still the cheapest place to purchase diesel fuel at $3.702 per gallon, while California is still the most expensive at $5.207.

See also: Akin: Five strategies to cut fuel expenses

In comparison, the AAA motor club logged its nationwide diesel price average at $4.033 per gallon, 3 cents more expensive than the EIA and 2 cents more expensive than last week’s average of $4.050. However, the AAA’s average is 32 cents cheaper than this time last year, which reached $4.357 per gallon.

Gasoline prices continue steady rise to $3.376 per gal

Regular gas prices across the U.S. have continued their rise, with the EIA logging this week’s gas costs at $3.376 per gallon. This is 2 cents more expensive than last week but 8 cents lower than a week ago.

Gas prices across the country also increased, except in the Central Atlantic subregion and the Gulf Coast. Central Atlantic subregion’s gas costs $3.332 per gallon on March 11, just 1 cent less than last week, while the Gulf Coast’s prices sit at $2.945 per gallon, which is less than a cent cheaper than the week before.

Otherwise, gas prices went up between 1 and 9 cents across the country. The smallest rise was in the Midwest, which increased 1 cent to $3.287 per gallon, and the most in the West Coast without California, which rose 9 cents to $3.862 per gallon. In particular, the Lower Atlantic subregion has more expensive gas prices than last week and last year, at $3.241 by 5 cents and less than a cent, respectively.

The Gulf Coast is still the cheapest place for gas and the only region with prices under $3 as of this report, at $2.945 per gallon. California, meanwhile, is still the most expensive, at $4.693 per gallon, 4 cents higher than last week.

The AAA motor club’s average for gasoline is very close to the EIA’s at $3.397, 4 cents higher than last week and 8 cents lower than the club’s records for this time last year, which reached $3.474.

According to a press release from the organization, gas prices have likely continued to rise due to a rise in cost for oil, where the price per barrel is close to $80 and $10 more than a few months ago. However, these cost increases at the pump are normal for this time of year, AAA spokesperson Andrew Gross noted, as fuel demands increase as the weather warms.

About the Author

Alex Keenan

Alex Keenan is an associate editor for Endeavor's Commercial Vehicle Group, which includes FleetOwner 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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