After Memorial Day weekend, both diesel and gasoline prices dropped—if only by incremental amounts—according to the U.S. Energy Information Administration. The U.S. on-highway diesel fuel price average fell 3 cents to $3.758 per gallon, while the gasoline average dropped less than a cent to $3.577 per gallon.
Diesel prices also dropped in most regions across the country, save for the Central Atlantic sub-region, where costs rose less than a cent to $4.123. Otherwise, prices dipped the least along the East Coast and Gulf Coast. On the East Coast, diesel prices fell 1 cent to $3.885 per gallon, while the Gulf Coast dropped the same amount to $3.478. The West Coast without California dropped 3 cents to $3.982 per gallon.
On the other hand, diesel costs dropped the most in California, where prices fell 6 cents to $4.985 per gallon. Trailing just behind that, the Midwest experienced a diesel price cut of 5 cents to $3.633, and the Rocky Mountain region lost 4 cents in diesel costs to reach $3.706. With these changes in mind, the Gulf Coast is still the cheapest place to buy diesel fuel at $3.478 per gallon, while California on its own is the most expensive at $4.985.
Additionally, the EIA recently released its breakdown of diesel component pricing about the overall costs for April. With a cited retail price of $4 per gallon, the Administration found that the cost allotted to refining dropped 2% from March while that of crude oil increased 3%. Overall, this equates to 60 cents (15%) toward taxes, 76 cents (19%) toward distribution and marketing, 68 cents (17%) toward refining, and 2 dollars (50%) toward crude oil costs.
Meanwhile, the AAA motor club is still logging diesel prices higher than those at the EIA—about 11 cents more expensive at $3.863 per gallon. This price is 4 cents cheaper than last week’s average of $3.906, and 10 cents cheaper than last year’s average of $3.964 per gallon.
Gasoline prices stagnant at $3.577 per gal.
While gas prices were more erratic the week of May 27, the overall nationwide average for gas decreased less than a cent from last week and this time last year. Otherwise, price changes across the country tended to vacillate from less than a cent to 7 cents.
See also: Diesel prices fall to $3.789/gal. leading to Memorial Day
Specifically, prices increased 1 cent on the East Coast to $3.485 per gallon. Prices also increased by 1 cent in the Central Atlantic and Lower Atlantic sub-regions, which the EIA logged at $3.640 and $3.376 per gallon, respectively. The Midwest also saw a price increase of 2 cents to $3.459 per gallon.
For regions where gas prices decreased, gas costs dropped less than a cent in the New England sub-region to $3.536 and less than a cent in the Gulf Coast to $3.112 per gallon. In stark contrast, the Rocky Mountain region’s gas prices dropped 7 cents to $3.354 per gallon, and the West Coast’s gas costs dropped 5 cents to $4.571 overall. At this rate, the Gulf Coast is the cheapest place for on-highway gasoline at $3.112 per gallon, while California is the most expensive at $4.892.
In comparison, the motor club currently logs its national gas price average at $3.586 per gallon, 1 cent lower than last week. According to the group, last year’s gas average at this time was $3.578.
“Since the pandemic, the summer driving season has not seen a surge in demand, which can push pump prices higher,” said Andrew Gross, AAA spokesperson, in a press release. “So, it will be interesting to see if this year bucks that trend. This week’s move by the Biden Administration to sell off the million-barrel Northeast Gasoline Supply Reserve might help stave off any regional pump price surges, but likely won’t move the national average that much.”
