Both diesel and gasoline prices are on the decline across the United States. Diesel prices had maintained a downward descent, while gasoline prices were slowly increasing. Now, gasoline prices are leveling off. The average price of gasoline in the U.S. sits at $3.42, down three cents compared to last week. Meantime, the average price of diesel is $4.18, down six cents compared to last week.
Data from the U.S. Energy Information Administration shows that the Gulf Coast remains the cheapest place to find both gasoline and diesel, with diesel prices there remaining below the $4 mark. Prices in the Rocky Mountain region showed the greatest decline compared to the previous week, with average prices falling nine cents for gasoline, and eight cents for diesel.
Current average fuel prices by region (gasoline/diesel):
- East Coast: $3.30/$4.30
- Midwest: $3.26/$4.02
- Gulf Coast: $3.02/$3.93
- Rocky Mountain: $3.63/$4.35
- West Coast: $4.36/$4.86
The price drop is not likely to continue, GasBuddy Head of Petroleum Analysis Patrick De Haan said.
"The broad concern over recent failures of the U.S. and global banking system has put enough downward pressure on oil prices that we saw a reprieve in rising gasoline prices in the national average last week. But, it may be temporary in nature, and is unlikely to be a long lasting trend...Should the outlook for the banking sector improve, we could again see gasoline prices race higher, while continued or additional distress could raise the possibility of a broader economic slowdown, keeping gasoline prices in check. Overall, there are a lot of possibilities.”
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