The U.S. average for diesel fuel barely moved this week, dropping 1.2 cents to $4.282 per gallon after weeks of steeper declines, according to new U.S. Energy Information Administration (EIA) data. More significantly, however, the average now sits 56.7 cents below the level of a year ago, when the fuel recorded a record surge in the immediate shock to the energy markets after the Russian invasion of Ukraine.
Despite the slight decline the week of March 6, diesel is down for the fifth week in a row and has slid more than 30 cents in that time, according to EIA.
It’s taken a year for diesel prices to stabilize—and many owner-operators and small fleets have paid most severely for their ascent to records—but the year-ago down arrow finally arrived at EIA this week for the week of March 6. Gasoline has floated below its year-ago level (now 71.3 cents below, though the U.S. average for gas rose 4.7 cents this week to $3.389 a gallon) for several weeks. Now it’s diesel’s turn.
For the week of March 7, 2022, EIA’s U.S. diesel average surged 74.5 cents to $4.849 per gallon and had risen almost a dollar per gallon more by the week of June 20, 2022, to $5.81 before beginning a gradual (and painfully slow for the trucking industry) decent to this week's level.
Price declines steeper in most U.S. regions
The Midwest—where diesel actually rose 1.1 cents to $4.131 per gallon—was the only EIA region that posted an increase for the week of March 6, though it was the second cheapest region behind the Gulf Coast, where the fuel stayed the same price as last week at $4.027 per gallon.