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As temps heat up, diesel prices keep dropping

June 11, 2024
Diesel and gas prices have dropped since mid-April, with average diesel pump prices down to $3.66/gal. and gas at $3.43/gal.

As late spring temperatures heat up, the U.S. Energy Information Administration found diesel prices continuing to fall nationwide. On June 10, the U.S. on-highway diesel fuel price average was $3.658 per gallon, 6 cents lower than last week and 13 cents lower than this time last year. This marks the tenth week of decreases for the U.S. average, with prices now lower than July 2023.

Diesel costs fell from 1 to 8 cents across the various regions tracked by the EIA. Diesel expenses fell the least in the New England subregion, decreasing by 1 cent to $4.086 per gallon. The Rocky Mountain region saw its average prices drop by 4 cents to $3.643 per gallon, and the West Coast without California also dropped 4 cents to $3.913.

More significant pump prices fell in the Midwest, where diesel was down 8 cents to $3.512. The Lower Atlantic subregion’s cost cuts trailed just behind this rate at 7 cents to $3.670 per gallon, and the Gulf Coast and East Coast’s prices both fell 6 cents to $3.384 and $3.789, respectively.

Considering these numbers, the Gulf Coast is still the cheapest place to buy diesel fuel at $3.384 per gallon, while California is the most expensive at $4.911. Although California's prices dropped 5 cents from last week, they remain 16 cents higher than this time last year.

In comparison, the AAA motor club logged its current diesel cost average at $3.786 per gallon, about 13 cents more expensive than the EIA’s figures. This amount is 6 cents cheaper than the club’s diesel average from last week of $3.847 and 14 cents more than last year’s cost of $3.92.

Gasoline prices drop, Gulf Coast below $3

Gas prices nationwide continue to fall, according to the EIA. The U.S. average is $3.429 per gallon, 8 cents lower than last week and 16 cents lower than last year.

In regions nationwide, price drops ranged from 4 to 12 cents. Gasoline costs fell 12 cents in California to $4.679, 11 cents in the West Coast overall to $4.371, and 10 cents in the West Coast without California to $4.036 per gallon. Gas prices on the East Coast fell 7 cents to $3.370, while those in the Central Atlantic and New England subregion dropped 4 and 5 cents, respectively. It now costs $3.548 per gallon of gas in the Central Atlantic and $3.458 in New England.

The Gulf Coast is the cheapest place to purchase regular gas at $2.951, marking the first time gas prices have fallen below $3 since March 11, 2024. On the other hand, California is still the most expensive place for gas at $4.679 per gallon.

The AAA motor club’s average gas price is only 2 cents higher than the EIA’s at $3.44 per gallon, which is 9 cents lower than last week’s. Last year’s average at this time of year was $3.589, 14 cents higher than current prices.

“This drop in pump prices appears to have some sticking power for now,” said Andrew Gross, AAA spokesperson, in a press release. “More states should see their averages dip below $3 a gallon in the coming weeks.”

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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