Diesel Prices Continue to Decline Nationwide as Gasoline Prices Edge Up Amid Economic Concerns

 

The U.S. Energy Information Administration (EIA) reported on May 6 that diesel prices dropped again this week, continuing a downward trend, while gasoline prices saw a slight uptick. The national average on-highway diesel price declined by 2 cents to $3.497 per gallon, while the average gasoline price increased by 1 cent to $3.147 per gallon.

Regional Diesel Price Trends

Diesel prices fell across all major U.S. regions, with the Midwest seeing the steepest decline:

• Midwest: Down 2 cents to $3.432

• West Coast: Down 2 cents to $4.204; excluding California, down 3 cents to $3.750

• East Coast: Down 2 cents to $3.567

• Rocky Mountain: Down 1 cent to $3.460

• Gulf Coast: Down 1 cent to $3.174

In comparison, AAA Motor Club’s data reflects a slightly higher national diesel average at $3.540, still 43 cents lower than this time last year.

Regional Gasoline Price Trends

While diesel prices softened, gasoline prices rose modestly in several areas but dropped in others:

• Gulf Coast: Rose 4 cents to $2.722

• Midwest: Rose 4 cents to $3.027

• East Coast: Rose 1 cent to $2.998

• Rocky Mountain: Fell 2 cents to $3.118

• West Coast: Fell 4 cents to $4.156; excluding California, fell 4 cents to $3.721

AAA’s gasoline price average came in at $3.158, one cent higher than the EIA’s estimate but still 49 cents lower than the same period last year.

Factors Behind the Price Shifts

Despite this being a time of year typically associated with rising fuel costs due to summer travel demand, crude oil prices have been sliding. AAA attributed this trend to two main factors:

1. Economic concerns that are tempering fuel consumption.

2. OPEC+’s decision to increase oil output, adding more supply to the market despite lukewarm demand.

This oversupply is helping to keep oil prices down, thereby softening the impact on retail fuel prices at the pump.

While diesel prices continue to offer some relief for trucking and logistics operators, the small rise in gas prices underscores ongoing uncertainty in global oil markets. Traders and industry analysts are keeping a close eye on economic indicators and geopolitical developments to assess how long current pricing trends will hold.

 

Source:

https://www.fleetowner.com/emissions-efficiency/article/55288315/nationwide-diesel-prices-decline-steadily-while-gasoline-rates-see-slight-increase-amid-economic-concerns