Diesel Continues Sliding Descent as Gasoline Climbs Upward

Across the U.S., the average price for a gallon of gasoline maintained its upward trend, moving up from $3.38 last week to $3.45 this week. Diesel saw a slightly greater decrease than the previous week, moving down from $4.28 last week to $4.24 this week. On the Gulf Coast, diesel prices dipped below $4 for the first time since February 2022.

Data from the U.S. Energy Information Administration shows a significant decrease in both gasoline and diesel prices when compared to this time last year, a time when the nation was seeing the early effects of the war in Ukraine.

Current average fuel prices by region (gasoline/diesel):

• East Coast: $3.31/$4.36
• Midwest: $3.31/$4.09
• Gulf Coast: $3.09/$3.99
• Rocky Mountain: $3.73/$4.43
• West Coast: $4.40/$4.90

While it may not be what you want to hear, GasBuddy's head of petroleum analysis, Patrick De Haan, said this is on trend for this time of year.

“With the transition to more expensive summer gasoline underway coast to coast, wholesale gasoline prices continue to inch up at a rate typical for this time of year, reflected in the national average rising for the second straight week," De Haan said.

Still, prices are better than they were this time last year.

"The price of diesel...continues to slowly decline as we see consumption for diesel lighten up. The best news for both gasoline and diesel prices is how significant a drop we’ve seen from year-ago levels, with more disinflation to come in the weeks ahead, even as gas prices are likely to inch up," De Haan said.

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