Diesel, Gasoline Costs Continue Recent Trajectories

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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