July 2023: Fleet Fuel Price Trends [Updated 07/26]

After a stagnant week of little fluctuation in fleet fuel prices, the latest numbers show a nearly 4 cent average increase in the cost of a gallon of gas across the United States, while diesel climbed about 10 cents, according to the U.S. Energy Information Administration.

Here are the latest gasoline and diesel fuel statistics:

U.S. Regional Diesel Fuel Prices as of July 26, 2023

• East Coast: $3.97
• Midwest: $3.81
• Gulf Coast: $3.64
• Rocky Mountain: $3.97
• West Coast: $4.45

U.S. Regional Gasoline Fuel Prices as of July 26, 2023

• East Coast: $3.48
• Midwest: $3.40
• Gulf Coast: $3.24
• Rocky Mountain: $3.75
• West Coast: $4.54

The prices of gasoline and diesel still remain down compared to last year, but GasBuddy's head of petroleum analysis, Patrick De Haan, noted that "with tremendous heat gripping much of the country, I remain concerned about the fuel that such high temperatures will provide for tropical systems to venture into the Atlantic and Caribbean."

On average, school bus fleet fuel prices remained flat, with regional decreases offsetting increases elsewhere. However, gasoline remains about 93 cents lower than it cost this time last year, while the average price for a gallon of diesel is $1.63 less than it was in 2022, according to the Energy Information Administration.

Here are the latest gasoline and diesel fuel statistics:

U.S. Regional Diesel Fuel Prices as of July 17, 2023

• East Coast: $3.88
• Midwest: $3.73
• Gulf Coast: $3.51
• Rocky Mountain: $3.93
• West Coast: $4.46

U.S. Regional Gasoline Fuel Prices as of July 17, 2023

• East Coast: $3.42
• Midwest: $3.41
• Gulf Coast: $3.14
• Rocky Mountain: $3.76
• West Coast: $4.55

Any increases ahead are likely to be relatively undramatic, according to Patrick De Haan, petroleum analyst for GasBuddy: "While the price increases could continue into this week, I would expect them to be fairly mild, with the national average likely staying in the $3.50-$3.60 range that we’ve been stuck in since April for the coming week and likely into next week as well. Economic data has been playing a larger than typical role in putting pressure on gas prices, with OPEC production cuts also a major factor."

Gasoline and diesel prices kicked off the month of July and the Independence Day holiday week with slight increases in most regions across the United States, according to the U.S. Energy Information Administration. But will an ominous tropical weather outlook affect prices as summer goes on?

Here are the latest gasoline and diesel fuel statistics:

U.S. Regional Diesel Fuel Prices as of July 10, 2023

• East Coast: $3.86
• Midwest: $3.74
• Gulf Coast: $3.50
• Rocky Mountain: $3.94
• West Coast: $4.46

U.S. Regional Gasoline Fuel Prices as of July 10, 2023

• East Coast: $3.43
• Midwest: $3.36
• Gulf Coast: $3.15
• Rocky Mountain: $3.75
• West Coast: $4.53

Patrick De Haan, head of petroleum analysis at GasBuddy, noted in his blog that gasoline prices are struggling "to find much momentum in either direction as the price of crude oil has continued to bounce around." He wrote that there's not "much chance for a major break out of the tight range we've held since April, but there is rising risk for hurricane season and potential disruptions as major forecaster Colorado State University released its third forecast for the 2023 hurricane season, showing a sharp uptick in the number of expected major hurricanes."

The latest CSU update predicts 18 named storms, nine hurricanes, and four major hurricanes with a Saffir/Simpson category of 3-5 and sustained winds of 11 miles per hour or greater.

"The researchers estimate the probability of a major hurricane making landfall in the United States to be above the long-term average," the report stated.

The next CSU forecast update is expected on Aug. 3.

Gasoline and diesel prices ended the month of June down again, ahead of the Fourth of July weekend, at the lowest national average since April - good news for transportation fleets throughout the United States, according to the U.S. Energy Information Administration.

Here are the latest gasoline and diesel fuel statistics:

U.S. Regional Diesel Fuel Prices as of July 3, 2023

• East Coast: $3.81
• Midwest: $3.70
• Gulf Coast: $3.47
• Rocky Mountain: $3.95
• West Coast: $4.41

U.S. Regional Gasoline Fuel Prices as of July 3, 2023

• East Coast: $3.37
• Midwest: $3.39
• Gulf Coast: $3.11
• Rocky Mountain: $3.79
• West Coast: $4.53

The lower fuel costs are attributed to pressure on oil prices, according to Patrick De Haan, head of petroleum analysis at GasBuddy.

"For now, gasoline demand will likely ramp up as we enter the peak of summer, with millions of Americans set to take to the roads with some of the season's lowest average gasoline prices," De Haan wrote in his blog. "At the halfway point of the year, the national average is right at the level we anticipated for a full-year average. While that's good news, I believe we may see prices close out the second half of the year below our expectations. This would be welcome news for motorists as the national average could fall below $3 per gallon this fall."

Saudi Arabia is extending its 1 million barrel-per-day petroleum production cut in the hopes of pushing oil prices higher. According to GasBuddy: "The holiday-shortened week could bring with it a mellow response to the Saudi extension, but with summer driving nearing its halfway mark, it may be a struggle to get oil prices to respond to the Saudi cut to the degree they desire."

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