October 2023: Fleet Fuel Price Trends [Updated 10/25]

Diesel prices climbed an average 10 cents over last week across the country, while gasoline slid downward 4 cents despite ongoing concerns about potential escalation and expansion of the conflict between Israel and Hamas in the Middle East.

Here are the latest diesel fuel and gasoline statistics from the U.S. Energy Information Administration: 

U.S. Regional Diesel Fuel Prices as of Oct. 23, 2023:

• East Coast: $4.41
• Midwest: $4.55
• Gulf Coast: $4.19
• Rocky Mountain: $4.75
• West Coast: $5.47

U.S. Regional Gasoline Prices as of Oct. 23, 2023:

• East Coast: $3.35
• Midwest: $3.31
• Gulf Coast: $3.04
• Rocky Mountain: $3.69
• West Coast: $4.86

"While gas prices are falling about a penny a day, that feels like a glacial pace," said Andrew Gross, AAA spokesperson. "The oil market is watching to see if the war between Israel and Hamas widens, so the price is stuck at a rather elevated price in the mid-$80s per barrel. This, in turn, is slowing the decline in gas prices."

Uncertainty remains on the horizon due to the ongoing conflict in the Middle East, but gasoline and diesel fuel prices across the United States fell during the past week, according to the U.S. Energy Information Administration.

It was the fourth week in a row for falling gasoline prices.

Here are the latest diesel fuel and gasoline statistics: 

U.S. Regional Diesel Fuel Prices as of Oct. 16, 2023

• East Coast: $4.40
• Midwest: $4.30
• Gulf Coast: $4.11
• Rocky Mountain: $4.66
• West Coast: $5.53

U.S. Regional Gasoline Fuel Prices as of Oct. 16, 2023

• East Coast: $3.40
• Midwest: $3.33
• Gulf Coast: $3.04
• Rocky Mountain: $3.70
• West Coast: $5.00

Barring a surprise turn of events, Patrick De Haan, head of petroleum at GasBuddy, expects perhaps 15-35 more cents of gasoline price declines in the coming weeks.

“The downward momentum has indeed gained steam, with the national average declining over the last week with again virtually every village, town, city, region, and state seeing gasoline prices fall—with the added bonus that diesel prices have also declined," De Haan wrote. "While the price of oil jumped some 5% last week, I remain steadfast that additional declines are coming to gasoline prices the way the situation stands now but remain cautious that this depends on actions that are not foreseeable, mainly the conflict in the Middle East.”

The average cost for fleets to purchase gasoline and diesel dropped 11 and 10 cents respectively during the past week across the country, according to the U.S. Energy Information Administration. But the erupting conflict in the Middle East could bring uncertainty that affects prices in the coming weeks.

Here are the latest diesel fuel and gasoline statistics: 

U.S. Regional Diesel Fuel Prices as of Oct. 9, 2023

• East Coast: $4.46
• Midwest: $4.38
• Gulf Coast: $4.14
• Rocky Mountain: $4.72
• West Coast: $5.60

U.S. Regional Gasoline Fuel Prices as of Oct. 9, 2023

• East Coast: $3.48
• Midwest: $3.42
• Gulf Coast: $3.18
• Rocky Mountain: $3.82
• West Coast: $5.17

Wrote Patrick De Haan, head of petroleum analysis at GasBuddy: “At long last, the decline in gas prices that we’ve been waiting to see has arrived, and the locomotive of falling prices has only recently started on a downhill, gaining momentum. However, some new caution signs have emerged with the recent attacks on Israel, potentially destabilizing a sensitive region. I’m hopeful the violence won’t spread, limiting the impact of these falling gas prices. Even with oil prices rising as a reaction to the attacks, I remain optimistic the national average could decline another 25-45 cents by late November, with prices potentially falling nearly triple that in California. Even the price of diesel has seen downward pressure with oil prices plummeting last week on fears that the Fed will be forced to continue raising rates, eating into demand growth, leading a barrel of crude to drop into the mid-$80s, but we remain concerned about a potentially destabilized Middle East and the potential impact to oil prices should the region see violence escalate.”

Diesel edged up slightly on average to start the month of October, while gasoline fell about 4 cents, according to the U.S. Energy Information Administration. Could those fleet fuel prices dip lower in the coming weeks? 

Here are the latest diesel fuel and gasoline statistics:

U.S. Regional Diesel Fuel Prices as of Oct. 2, 2023

• East Coast: $4.54
• Midwest: $4.45
• Gulf Coast: $4.28
• Rocky Mountain: $4.78
• West Coast: $5.69

U.S. Regional Gasoline Fuel Prices as of Oct. 2, 2023

• East Coast: $3.54
• Midwest: $3.54
• Gulf Coast: $3.32
• Rocky Mountain: $3.92
• West Coast: $5.40

Prices are continuing to decline in many regions of the United States - and relief may be coming for the western regions.

“While this week saw average gasoline prices moving higher again in the West, most of the nation saw a noticeable decline in gasoline prices," wrote Patrick De Haan, head of petroleum analysis at GasBuddy. "However, with California allowing the transition to winter gasoline to begin immediately, easing supply concerns, we’re likely to see nearly the entire country see gasoline prices trend lower in the week ahead. You could say Christmas is coming early: California should quickly see prices fall back below $6, and once all refinery snags are addressed and maintenance complete, I would not be surprised to see prices even fall below $5 there later this year. Areas of Arizona, Las Vegas and Reno could fall back below $4 by the end of the year as well. While the trend is likely to be a strong one to the downside, small issues here and there could temporarily delay the onset of lower prices, but for now, motorists need not be in any rush: lower gas prices are on the way for every U.S. state in the weeks ahead.”