At the end of April, the U.S. Energy Information Administration found that the on-highway diesel fuel price plateau since early February is decreasing before prices rise for summer. The week of April 29, the EIA reported the current on-highway U.S. diesel price average at $3.947 per gallon, 4 cents lower than last week and 7 cents lower a year ago.
Diesel prices also fell across the country between 1 and 9 cents per gallon. In the New England subregion, prices fell 1 cent to $4.309 per gallon, while the East Coast and California each saw prices fall 2 cents to $4.025 and $5.216 per gallon, respectively. Meanwhile, the West Coast overall dropped 3 cents to $4.625.
In contrast, the Rocky Mountain region saw its prices dip 9 cents to $3.787 per gallon. Trailing behind that, the Gulf Coast’s diesel prices fell 5 cents to $3.657, and the Midwest dropped the same amount to $3.882 per gallon. As has been consistent for most months, this leaves the Gulf Coast as the cheapest place to buy diesel fuel at $3.657 per gallon, while California is the most expensive at $5.216.
See also: Diesel still hovering around $4/gal.
The AAA motor club rated diesel prices higher than the EIA—up 6 cents with an average diesel price of $4.003 per gallon. Still, this rating is 3 cents cheaper than last week’s $4.032 and 13 cents cheaper than last year’s average of $4.137 per gallon.
Finally, the EIA provided an updated breakdown of diesel costs for March 2024. This month, refining and crude oil costs took up more of the overall cost of diesel fuel. Taxes constituted 15%, or 60 cents, of March’s retail price of $4.02 per gallon. Distribution and marketing comprised 19% of costs at 76 cents, refining took up the same amount, while the cost of crude oil claimed 47% of consumers' payment at the pumps with an average of $1.88 per gallon.
Gasoline prices fall to $3.653/gal.; a nickel more than 2023
Although not by much, the national average for U.S. regular gas prices dropped this week, as did most regional gas prices. The EIA logged current gas prices at $3.653 per gallon, 1 cent lower than a week ago but 5 cents higher than last year. Otherwise, price changes varied from 0 to 6 cents across the rest of the country.
Specifically, gas costs were unchanged from last week on the East Coast ($3.540 per gallon). Prices dropped 1 cent in the Midwest to $3.453 per gallon and 3 cents in the Rocky Mountain and West Coast regions to $3.426 and $4.796, respectively. Costs also fell 4 cents on the Gulf Coast to $3.192 per gallon and 6 cents in California to $5.172.
Two of the East Coast’s sub-regions were the only places where gas prices rose this week. In the New England sub-region, costs climbed 3 cents to $3.618, while the Lower Atlantic sub-region saw costs rise by less than a cent. The Gulf Coast is still the cheapest for gasoline at $3.192 per gallon, while California is the most expensive at $5.172.
The AAA and the EIA agreed on gas costs this week, with the motor club logging the current gas average at $3.659 per gallon, which is 2 cents lower than last week and 4 cents more expensive than last year’s $3.615. In a press release, the AAA attributed the dip in prices to lower oil costs and a decrease in domestic demand.
“Domestic gas demand is pretty pokey at the moment, which is often the case in the runup to Memorial Day and the traditional start of summer driving season,” said Andrew Gross, AAA spokesperson. “The recent national average price of $3.67 could be the peak until hurricane season is well underway. But as always, the wildcard will be the cost of oil, so stay tuned.”
