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Diesel prices up for fourth week, gas $3.49/gal

July 9, 2024
The EIA found that average U.S. diesel prices reached $3.87/gal as prices continued to climb for the fourth week in a row.

For the fourth week in a row, the U.S. Energy Information Administration found that the average cost for diesel rose across the U.S., this time by 5 cents from last week and last year. As of the week of July 8, the U.S. average for diesel was $3.865 per gallon, with most regions across the country also increasing their prices save for the West Coast without California.

In general, prices rose from 1-7 cents across the country, with the West Coast sans California seeing a price drop of only 2 cents to $4.018. Otherwise, costs jumped less than a cent along the West Coast overall and in the New England sub-region, reaching $4.454 per gallon and $4.101 respectively. Additionally, prices rose 1 cent in the Central Atlantic sub-region to $4.087, and 3 cents along the East Coast to $4.934. At most, diesel costs leaped 7 cents in the Midwest, reaching $3.803 per gallon. Trailing behind that price point, the Gulf Coast, Rocky Mountains, and California alone each saw their prices rise 4 cents. The Gulf Coast’s current diesel prices are $3.598 per gallon, the Rocky Mountain’s $3.790, and California’s $4.955.

With all this said, the Gulf Coast is still the cheapest place to buy diesel fuel at $3.598, and California is the most expensive at $4.955 per gallon.

 In comparison, the AAA motor club‘s diesel price average is $3.844 for July 8, roughly 2 cents less expensive than the EIA’s findings. This price point is 4 cents more expensive than last week’s average of $3.804 per gallon and about the same as last year’s average.

See also: Diesel, gas prices on the rise before Independence Day

Along with these price increases, how each diesel payment is divided among its root costs also shifted from April to May. Using a retail price of $3.82 per gallon, the EIA found that taxes on diesel went up 1% to account for 16% of diesel’s total costs at roughly 61 cents. The price allotment for distribution and marketing went up as well, now constituting 23% of the price of diesel at 87 cents. Refining costs dropped 5% to 46 cents, while the cost of crude oil stayed the same, consuming 50% of the cost for diesel at $1.91.

Gas prices rise for Rocky Mountains, East Coast

While diesel costs rose uniformly across the country, gas prices were hit the hardest along the East Coast. The U.S. average for regular gasoline prices rose 1 cent from last week to $3.489; across the rest of the country, prices rose or fell within a range of less than a cent to 8 cents.

In particular, prices dropped 1 cent along the West Coast to $4.226 per gallon and along the Gulf Coast to $3.058. Meanwhile, the West Coast without California fell 2 cents to $3.888 per gallon, and the Midwest saw its gas costs drop 4 cents to $3.367.

On the other hand, prices rose 6 cents along the East Coast up to $3.450 per gallon and 8 cents for the Rocky Mountains, which reached $3.431. Despite this, the Gulf Coast is still the cheapest place for gasoline at $3.058 while California remains the most expensive at $4.535 per gallon.

In comparison, motor club found the U.S. gas price average to be a touch more expensive than the EIA at $3.506 per gallon, a rate 1 cent higher than last week’s. However, this price point is still 3 cents cheaper than this time last year.

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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