LITTLE ROCK, Ark. — The average price for a gallon of diesel fuel continues to trickle down.
According to the Energy Information Administration (EIA), as of March 6, the price sits at $4.282 per gallon nationally.
That’s down from $4.294 per gallon on average on Feb. 27 and $4.376 on Feb. 20, according to EIA statistics.
A rise in diesel reserves is the chief reason behind the falling prices, according to industry analysts.
Meanwhile, benchmark U.S. crude oil for April delivery fell $2.88 to $77.58 a barrel on March 7. Brent crude for May delivery fell $2.89 to $83.29 a barrel.
According to GasBuddy, diesel prices have declined nearly $1.50 per gallon since reaching record-levels last spring and now stand at an average of $4.35 per gallon, the lowest level since the days immediately after the Russian invasion of Ukraine.
“Diesel’s decline has been astounding — we’ve seen improvements in fundamentals over the last few months with diesel prices down nearly $1 per gallon in the last 100 days, thanks in part due to the Fed raising interest rates, throttling back the economy, as well as Mother Nature reducing consumption through a mild winter and curbing consumption of diesel’s cousin, heating oil,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Coming out of winter, we’ll continue to see diesel prices decline. Barring an unexpected disruption or escalation in global events, diesel prices this summer could be $2 per gallon lower than last summer, which is certainly good news for the economy and transportation sectors stung by the previous high costs of diesel fuel.”
Diesel by the numbers
- Seven states where diesel prices average below $4 per gallon — Oklahoma, Texas, Kansas, Wisconsin, Missouri, Iowa and Arkansas.
- Most common diesel prices in the U.S., in order — $3.99, $4.09, $3.89, $4.29, $4.19.
- $3.62/gal — The average of the lowest priced 10% of stations in the U.S.
- $5.82/gal — The peak in the national average price of diesel hit in 2022.
- 78 cents — the amount of decline to average diesel prices in the last 90 days.
According to GasBuddy, retail diesel prices are likely to continue falling as demand continues to ease and winter heating oil consumption declines.
“As long as central banks continue to raise interest rates to cool off previously overheated economies, there will be continued downward pressure through most of the spring and summer, even as gasoline prices are likely to rise during that timeframe,” a GasBuddy news release stated.
The Trucker News Staff produces engaging content for not only TheTrucker.com, but also The Trucker Newspaper, which has been serving the trucking industry for more than 30 years. With a focus on drivers, the Trucker News Staff aims to provide relevant, objective content pertaining to the trucking segment of the transportation industry. The Trucker News Staff is based in Little Rock, Arkansas.