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Diesel at lowest price since July 2023, gas costs drop

June 4, 2024
The U.S. national average diesel prices were $3.726 per gallon, while the U.S. national average gas prices reached $3.516.

Following Memorial Day weekend, the U.S. Energy Information Administration saw both gas and diesel costs drop across the country. As of the week of June 3, the average price of U.S. on-highway diesel fuel is $3.726 per gallon. This reflects a price cut of 3 cents from last week and 7 cents from last year, and diesel costs haven’t been this low since July 2023.

Overall, prices dropped 2-4 cents for diesel fuel, according to the EIA. Costs dropped the least in the Lower Atlantic subregion, the Gulf Coast, the Rocky Mountain region, and in the West Coast with and without California. In these areas, diesel prices dropped only 2 cents. In the Lower Atlantic subregion, diesel costs reached $3.741 per gallon, the Gulf Coast fell to $3.450 per gallon, the Rocky Mountain area dropped to $3.685, and the West Coast with and without California fell to $4.429 and $3.960, respectively. California alone saw its prices decrease the least at only 1 cent to $4.968 per gallon.

On the other hand, diesel prices dropped the most in the Midwest, where costs reached $3.592 per gallon after falling 4 cents. The New England subregion also fell 4 cents to reach $4.105 per gallon. With all of this in mind, the Gulf Coast is still the cheapest place for diesel fuel at $3.450 per gallon, while California is the most expensive.

Currently, the AAA motor club has logged its diesel price average at $3.847 per gallon, about 8 cents higher than the EIA’s findings. This cost is 2 cents lower than last week’s average of $3.863, and 9 cents lower than this time last year, when the AAA logged prices of $3.930 per gallon.

Gasoline prices drop 2-11 cents across the country

Gas prices also fell between 2-11 cents across the country, similar to diesel costs. The EIA found that the nationwide gas price average is $3.516 per gallon, which is 6 cents lower than last week and 2 cents cheaper than this time last year.

Overall, the only place gas prices didn’t drop was in the Rocky Mountain area, where costs increased by less than a cent to reach $3.360. Prices dropped by a whopping 11 cents in the Midwest to $3.349 per gallon, while California saw a gas price cut of 8 cents to $4.808. There was a similar drop in gas prices on the West Coast, with prices reaching $4.487.

At the same time, gas prices only decreased by 2 cents in the New England subregion to $3.508 per gallon, and by 4 cents in the East Coast region as a whole to $3.443. With these results, the Gulf Coast is still the cheapest place for gasoline at $3.045 per gallon, while California is the most expensive at $4.80.

As of this reporting, the motor club is logging an average gasoline cost of $3.518 per gallon, which is 7 cents lower than last week and 4 cents lower than the average this time last year.

“Gas prices will likely keep up this slow sag now that we are past the Memorial Day travel weekend and more locations, east of the Rockies, will be selling gas below $3 a gallon,” said Andrew Gross, AAA spokesperson. “But it’s time to start weather watching as the Atlantic Hurricane Season begins June 1, and forecasters predict it will be very active. A storm impacting the Gulf Coast oil production and refining centers could push prices temporarily higher, so stay tuned.”

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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