Diesel prices fall for fourth straight week as geopolitical tensions potentially ease

As the war with Iran potentially nears an end, diesel and gas prices drop for the fourth week in a row. President Trump and Prime Minister Benjamin Netanyahu of Israel signed a preliminary peace deal on June 15. The exact details are still unclear. 

But caution still reigns in the wake of this deal. The agreement was supposed to reopen the Strait of Hormuz, but reports indicate travel through the strait is still restricted. Meanwhile, political leaders in both Israel and the U.S. remain cautious when discussing potential peace. Only the coming weeks will tell if this peace holds and if fuel prices can continue to drop.

The national average on-highway diesel price dropped 15 cents to $5.059, according to data released by the U.S. Energy Information Administration (EIA) on June 15. Gas prices dropped 9 cents to $4.052.

What are the current diesel prices across the U.S.?

Here are this week’s diesel price highlights from each region of the U.S.:

• West Coast: The biggest drop in diesel prices this week occurred along the West Coast for 22 cents to $6.074. Without including California, diesel prices fell 21 cents to $5.519.
• Rocky Mountain: In the Rockies, diesel prices fell 18 cents to $5.019.
• Midwest: In the Midwest, diesel prices fell 17 cents to $5.011.
• Gulf Coast: Along the Gulf Coast, diesel prices fell 14 cents to $4.646.
• East Coast: Along the East Coast, diesel prices fell 10 cents to $5.048. 

According to AAA Motor Club (AAA), the current national diesel price average is $5.185. This is 13 cents higher than EIA’s current estimate and $1.660 higher than this time last year.

What are the current gasoline prices across the U.S.?

The current national average on-highway gasoline price is $4.052, according to EIA, 9 cents lower than last week’s average. 

Here are this week’s gasoline price highlights from each region of the U.S.:

• West Coast: The biggest drop in gasoline prices this week occurred along the West Coast for 13 cents to $5.229. Without including California, prices fell 11 cents to $4.844.
• Gulf Coast: Along the Gulf Coast, gas prices fell 12 cents to $3.521.
• Rocky Mountain: In the Rockies, gas prices fell 9 cents to $4.104.
• Midwest: In the Midwest, gas prices fell 8 cents to $3.861.
• East Coast: Along the East Coast, gas prices fell 8 cents to $3.913.

According to AAA, the current national gasoline price average is $4.044. This is 1 cent lower than EIA’s current estimate and 90 cents higher than this time last year. 

In a recent press release, AAA stated that “gas prices typically peak around this time of year, but uncertainty surrounding the Strait of Hormuz makes this year more unpredictable. Pump prices remain at four-year highs, but the national average is currently far from the record set on June 11, 2022, of $5 per gallon.”