LITTLE ROCK, Ark. — Average U.S. diesel prices are at their lowest point since Jan. 31, 2022.
According to the Energy Information Administration (EIA), the price sits at $3.897 as of Tuesday, May 16. That’s down from $3.922 on May 8 and $4.018 on May 1.
Average prices are down all across the nation, with the Gulf Coast seeing the lowest prices at $3.593 per gallon.
California’s average price is down to $4.825 from $4.847 on May 8, EIA statistics show.
The price of diesel this summer could be $2 lower than the prior year, said Patrick De Haan, GasBuddy’s head of petroleum analysis.
“Coming out of winter, we’ll continue to see diesel prices declinem,” he said. “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.”
Higher interest rates have led to price declines related to lower consumption.
“Diesel’s decline has been astounding,” De Haan added. “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.”
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.