Diesel Price Declines 5.1¢ to $3.704 a Gallon
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The national average diesel price dropped 5.1 cents to $3.704 per gallon, according to Energy Information Administration data released Aug. 12. This continues a five-week streak of declines, during which the average diesel price has fallen by 16.1 cents.
Highlights
Year-Ago Comparison: Diesel now costs 67.4 cents less per gallon compared with the same time in 2023.
Regional Changes: Diesel prices dropped in all 10 regions in EIA’s weekly survey, with the Gulf Coast experiencing the largest decrease of 6.5 cents, while the Rocky Mountain region saw the smallest change, down just 0.5 cent.
Gasoline Update: The national average price for a gallon of gasoline slipped 3.4 cents to $3.414. That's 43.6 cents less than at this time a year ago.
U.S. On-Highway Diesel Fuel Prices
U.S. Energy Information Administration
Regional Price Dynamics
East Coast (PADD 1): Diesel prices across the East Coast region decreased by 5.2 cents, bringing the average to $3.778 per gallon. Within this region, New England’s prices fell by 1.5 cents to $4.058, the Central Atlantic saw a decrease of 3 cents to $3.961, and the Lower Atlantic experienced the largest regional drop of 6.1 cents to $3.681.
Midwest (PADD 2): In the Midwest, the average diesel price fell by 4.8 cents, reaching $3.681 per gallon, aligning with broader national trends.
Gulf Coast (PADD 3): The Gulf Coast region, which consistently holds the lowest diesel prices in the nation, saw a drop of 6.5 cents, bringing the average to $3.371 per gallon.
PADD — Petroleum Administration for Defense Districts. U.S. Energy Information Administration
Rocky Mountain (PADD 4): Prices in the Rocky Mountain region showed the least volatility, slipping by just 0.5 cent to $3.697 per gallon.
West Coast (PADD 5): On the West Coast, diesel prices decreased by 4.7 cents, averaging $4.309 per gallon. Within this region, California’s diesel prices dropped by 5.8 cents to $4.763, while the West Coast less California saw a reduction of 3.8 cents to $3.913.
Year-Over-Year
Compared with this time last year, the price of diesel has seen a substantial decline, with the national average now 67.4 cents lower than in mid-August 2023. This downward trend offers some relief to the trucking and logistics industries, which have been grappling with volatile fuel costs amid broader economic challenges.
Summary
The continued drop in diesel prices is a positive development for the transportation sector, especially as companies manage operational costs against a backdrop of fluctuating fuel expenses. However, the persistent decline suggests that market dynamics, including global energy supply and economic conditions, will continue to play a crucial role in shaping fuel prices in the coming weeks.
Generative AI assisted in this report.
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