May 2023: Fleet Fuel Price Update

Gasoline prices closed the month by creeping upward nearly 4 cents on average across the United States, while diesel costs saw an average drop of about 3 cents nationwide, according to the U.S. Energy Information Administration. Both gasoline and diesel remained lower compared to the same period in 2022.

Here are the latest gasoline and diesel fuel statistics:

U.S. Regional Diesel Fuel Prices as of May 29, 2023

• East Coast: $3.89
• Midwest: $3.78
• Gulf Coast: $3.55
• Rocky Mountain: $4.08
• West Coast: $4.54

U.S. Regional Gasoline Fuel Prices as of May 22, 2023

• East Coast: $3.43
• Midwest: $3.48
• Gulf Coast: $3.12
• Rocky Mountain: $3.62
• West Coast: $4.53

GasBuddy petroleum analyst Patrick De Haan blamed rising gasoline prices on "minor refinery kinks and low gasoline supply."

"While gasoline prices have inched up slightly, we're still faring much better than we did last year, when the national average started to soar after Memorial Day on its way up to the $5 per gallon mark," De Haan said. "In addition, gas prices may temporarily rally if a debt ceiling deal passes through Congress in the weeks ahead, based on the optimism that such a deal could avert a major recession, keeping oil demand stronger this summer."

Fuel prices kept their downward trend during the past week (if only slightly), except for gasoline in specific regions, such as New England, the Midwest, and Rocky Mountains. Overall, however, school transportation fleets could expect to pay a bit less on average for gasoline and diesel, according to the U.S. Energy Information Administration. A gallon of gasoline costs about $1.06 less than it did this time last year, while diesel has fallen by about $1.69 compared to 2022.

Here are the latest gasoline and diesel fuel statistics:

U.S. Regional Diesel Fuel Prices as of May 22, 2023

• East Coast: $3.91
• Midwest: $3.81
• Gulf Coast: $3.58
• Rocky Mountain: $4.09
• West Coast: $4.59

U.S. Regional Gasoline Fuel Prices as of May 22, 2023

• East Coast: $3.38
• Midwest: $3.47
• Gulf Coast: $3.04
• Rocky Mountain: $3.58
• West Coast: $4.51

The gas price hasn't changed much most likely because of the imminent Memorial Day holiday weekend. But could politics make the difference at the pump? Said Patrick Da Haan, head of petroleum analysis at GasBuddy: "I think we'll see prices rise slightly as we get closer to Memorial Day, especially if there are positive developments in the debt ceiling discussions in D.C., while pessimism could drive prices slightly lower."

The average cost of diesel fuel fell for school transportation operations in all regions across the United States during the past week, according to the U.S. Energy Information Administration. Meanwhile, drops in gasoline prices in some regions were offset by increases in others. Both gasoline and diesel remain down compared to this time last year, with gas costing close to $1 less per gallon and diesel down $1.70.

Here are the latest diesel and gasoline fuel cost statistics:

U.S. Regional Diesel Fuel Prices as of May 15, 2023

• East Coast: $3.93
• Midwest: $3.82
• Gulf Coast: $3.59
• Rocky Mountain: $4.09
• West Coast: $4.59

U.S. Regional Gasoline Fuel Prices as of May 15, 2023

• East Coast: $3.40
• Midwest: $3.44
• Gulf Coast: $3.08
• Rocky Mountain: $3.52
• West Coast: $4.52

Oil prices climbed to more than $70 per barrel after hitting a low of $66 in early May, with gas prices fluctuating from region to region. That's kept the national average price more or less steady, "but overall, gasoline prices continue to see significant relief from year-ago levels," said Patrick De Haan, head of petroleum analysis at GasBuddy. "We're likely to soon see gasoline prices slip to their largest year-on-year deficit since COVID hit, when prices fell over $1 per gallon from 2019."

 

Diesel prices fell below $4 per gallon on average across the United States in the second week of May. The Rocky Mountain and West Coast regions on May 8 remained the only areas where diesel hadn't yet fallen under that threshold, according to the U.S. Energy Information Administration (EIA). Gasoline prices fell in most regions, but increased slightly in the Rockies.

Here are the latest diesel and gasoline fuel cost statistics:

U.S. Regional Diesel Fuel Prices as of May 8, 2023

• East Coast: $3.99.
• Midwest: $3.83.
• Gulf Coast: $3.61.
• Rocky Mountain: $4.10.
• West Coast: $4.63.

U.S. Regional Gasoline Fuel Prices as of May 8, 2023

• East Coast: $3.43.
• Midwest: $3.39.
• Gulf Coast: $3.04.
• Rocky Mountain: $3.54.
• West Coast: $4.53.

The continued declines in fuel prices are credited to recent low oil prices and the transition to summer gasoline, according to Patrick De Haan, head of petroleum analysis at GasBuddy: "While there have been a few pockets of rising prices, those have been the needle in the haystack, with nearly every state seeing gas prices fall."

The average price of diesel fuel fell to $4.02 starting in May. That’s down 6 cents from the week before and down $1.49 compared to the same period last year, according to the U.S. Energy Information Administration (EIA).

Gasoline dropped to a national average of $3.60 – down more than 5 cents over last week and 58 cents lower than the same time in 2022.

Fuel prices are among critical indicators of economic health, affecting anyone with a vehicle – including the vans and buses used by school transportation fleets.

U.S. Regional Diesel Fuel Prices as of May 1, 2023

Diesel fuel costs start the month on a decline in most regions except for the Rocky Mountains, where the price climbed 3 cents compared to last week but still $1.26 cheaper than it did exactly one year ago.

Average prices by region:

• East Coast: $4.07
• Midwest: $3.92
• Gulf Coast: $3.75
• Rocky Mountain: $4.15
• West Coast: $4.68

U.S. Regional Gasoline Fuel Prices as of May 1, 2023

Gasoline prices dropped week over week and remained lower than the same time in 2022.

Average prices by region:

• East Coast: $3.49
• Midwest: $3.48
• Gulf Coast: $3.15
• Rocky Mountain: $3.53
• West Coast: $4.55

What’s Happening with Fuel Supplies This Week?

According to GasBuddy analyst Patrick De Haan, oil prices and wholesale gasoline prices are under additional selling pressure, “giving retailers room to pass on the lower prices.”

Wrote De Haan: “Diesel prices have followed, falling to their lowest in over 13 months as demand remains weak due to concerns over the economy. With refinery maintenance wrapping up, we should see supplies start to build in the weeks ahead, just in time for the summer driving season, potentially putting more downward pressure on prices.”

OPEC’s voluntary production cuts kicked in this month, with a reduction of 3.66 million barrels per day – a decision Saudia Arabia told Reuters “were made as a precautionary measure aimed at supporting market stability.”

Keep up with fleet fuel prices throughout the month by checking here for regular updates. We’ll post new information when it’s available!

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