Diesel prices continued to drop in most parts of the United States this week, while remaining higher than this time last year. Gasoline prices rose again overall for a third week.
The U.S. Energy Information Administration reported that the average cost for diesel is about $4.52, down 3 cents compared to last week. Regionally, however, the Rocky Mountains saw a 3-cent increase in diesel. The Gulf Coast also saw a negligible increase. Diesel prices in all regions remained higher than this time last year. Regular gasoline is up to $3.31 per gallon nationwide. Gasoline is down from a year ago in New England, the Rocky Mountains, and the West Coast, but up year-over-year in the Midwest, Gulf Coast, and East Coast.
Current average fuel prices by region (gasoline/diesel):
- East Coast: $3.26/$4.75
- Midwest: $3.20/$4.37
- Gulf Coast: $2.97/$4.22
- Rocky Mountain: $3.29/$4.73
- West Coast: $3.97/$5.03
GasBuddy reports that oil prices rallied with the rise in Chinese demand as that country emerges from COVID-19 lockdowns. However, “with COVID cases and deaths now also surging in China, the jump in demand could be short-lived,” said Patrick De Haan, GasBuddy’s head of petroleum analysis.
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