LITTLE ROCK, Ark. — For the first time since Feb. 7, 2022, the average price for a gallon of diesel fuel in the U.S. has dropped below $4 per gallon.
According to the Energy Information Administration (EIA), the price currently sits at $3.922 per gallon, down from $4.018 per gallon on May 1 and $4.077 on April 24.
Economists say a nationwide freight slowdown is the key factor behind the price slide as demand for fuel slows and stockpiles rise across the world.
“Gasoline and diesel will likely have a temporary break up, moving apart, diesel falling, gasoline prices rising for the next couple of weeks (or longer),” said Patrick De Haan, analyst with GasBuddy.
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