The U.S. Energy Information Administration once again had good news for drivers and shippers, as the average fuel cost dropped again. On May 13, diesel costs dipped 4 cents from the May 6 report to $3.848 per gallon, also 4 cents less than the national average a year ago this week.
For most areas, diesel prices decreased 2-5 cents, with the Rocky Mountains the only region that experienced an increase—by less than a cent to $3.791 per gallon. Otherwise, the West Coast overall and the West Coast without California lost 2 cents on their diesel costs. The West Coast has an average diesel fuel cost of $4.551 per gallon, while the West Coast without California is $4.053. Just behind the two regions, California’s diesel prices dropped 3 cents to $5.123.
For regions with more significant price decreases, the East Coast’s diesel costs were down a nickel to $3.916 per gallon, while the Gulf Coast also lost 5 cents of its diesel prices to reach $3.559. This makes the Gulf Coast the cheapest place to buy fuel, while California remains the most expensive.
Compared to the EIA’s numbers, the AAA motor club’s diesel cost average is currently $3.926, which is 8 cents more expensive than the former’s. But this price is also 5 cents cheaper than last week’s reckoning of $3.970 per gallon and 10 cents cheaper than last year’s $4.027.
See also: Diesel drops to lowest price since January
Gas costs continue to drop; overall demand increases modestly
Much like its diesel counterpart, the nationwide average for gasoline prices dropped, as did most gas price postings nationwide. The EIA logged the current gas average at $3.608 per gallon, 3 cents lower than a week ago, though 7 cents more than last year. Otherwise, gas prices tended to drop roughly 2-8 cents this week.
The only exception was the Midwest, where gas prices rose 3 cents to $3.434 per gallon. As for areas where gas prices decreased, the New England subregion only saw a price drop of 2 cents to $3.583, while the Central Atlantic subregion’s prices only fell 3 cents to $3.651.
On the higher end of the scale, the final East Coast sub-region (the Lower Atlantic) saw its prices drop 8 cents to $3.368 per gallon, followed closely by the Gulf Coast’s cost cut of 7 cents to reach $3.168 and California’s of 7 cents to $5.046. Additionally, the Rocky Mountain and overall West Coast regions saw their gas costs dip 6 cents to $3.401 per gallon and $4.694 per gallon.
The Gulf Coast is still the cheapest for gasoline at $3.168 per gallon, while California is the most expensive at $5.046. Meanwhile, the AAA Motor Club reported a current gas price average of $3.619, 4 cents lower than last week and 8 cents more expensive than last year.
“Most consumers will probably see pump prices barely budging for now,” said Andrew Gross, AAA spokesperson. “That’s important because, on May 13, AAA will release the Memorial Day travel forecast, which could be a robust weekend for car trips.”
Additionally, the EIA found that gasoline demand rose from 8.62 million barrels per day to 8.79 million, while domestic gas stocks increased to 228 million barrels. The AAA estimated in a release that this combination of stagnant demand, rising supply, and dropping oil prices could make gas prices cheaper at the pump.
