Diesel Price Drops 7.8¢ to $3.553
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The national average diesel price fell 7.8 cents to $3.553 per gallon, according to U.S. Energy Information Administration data released Oct. 21.
This marks the first decline in more than a month, reversing the cumulative 10.5-cent gain that occurred over the previous four weeks.
Despite the drop, diesel prices are still providing significant relief compared to last year, with the national average down 99.2 cents compared to the same week in 2023.
Year-over-Year Comparison
The national average diesel price is 99.2 cents lower than the same week in 2023, with the Midwest, Rocky Mountain and West Coast regions showing year-over-year decreases of more than $1 a gallon.
U.S. On-Highway Diesel Fuel Prices
Regional Analysis
East Coast (PADD 1): Diesel prices in the East Coast region were relatively stable, ticking up by a modest 0.4 cent to reach $3.590 per gallon.
• New England (PADD 1A): Diesel prices dipped slightly by 0.6 cent, bringing the average to $3.760 per gallon. Prices in this area are now 79.1 cents lower than last year.
• Central Atlantic (PADD 1B): Prices in this subregion dropped by 4.5 cents to $3.816 per gallon, one of the more significant regional declines this week. Compared with last year, prices are down 85.2 cents. • Lower Atlantic (PADD 1C): In contrast, the Lower Atlantic subregion saw an increase of 2.5 cents, pushing the average price to $3.489 per gallon. Year-over-year, prices are 81 cents lower.
Midwest (PADD 2): The Midwest recorded the largest regional decline, with prices falling 10.8 cents to $3.543 per gallon. Prices in the regional are down by $1.011, offering the largest year-over-year decrease across all regions.
Gulf Coast (PADD 3): Prices in the Gulf Coast region tumbled 13.8 cents, bringing the average to $3.199 per gallon. This steep decline continues the region’s trend of lower diesel prices, driven by its status as the nation’s primary refining hub. Year-over-year, Gulf Coast prices have dropped by 98.7 cents.
PADD — Petroleum Administration for Defense Districts. U.S. Energy Information Administration
Rocky Mountain (PADD 4): The Rocky Mountain region was relatively flat this week, with only a 0.1 cent uptick, maintaining an average of $3.636 per gallon. However, this region continues to experience the largest year-over-year decrease, with prices down by $1.118 compared with last October.
West Coast (PADD 5): West Coast diesel prices declined by 6.4 cents, bringing the regional average to $4.210 per gallon. The West Coast continues to have the highest diesel prices in the nation, but it is also seeing some of the most substantial year-over-year declines:
• West Coast Less California: Prices in this subregion fell by 8.9 cents to $3.785 per gallon, down $1.203 from last year.
• California: Diesel prices in California dipped by 3.6 cents to $4.698 per gallon, marking a significant year-over-year decrease of $1.318, the largest annual drop of any subregion.
Market Trends
The decline in diesel prices comes amid easing crude oil prices and less seasonal demand for diesel fuel, particularly as agricultural activity tapers off in the Midwest. Additionally, stable refinery output and a relatively quiet hurricane season along the Gulf Coast have helped maintain supply levels, contributing to the price decline.
Gasoline Update
The national average price for a gallon of gasoline dipped 2.7 cents to $3.144. That's 38.9 cents less than it cost at this time in 2023.
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