Fuel prices across the United States continued a steady decrease this week, according to the latest data from the U.S. Energy Information Administration (EIA). The national average for on-highway diesel prices dipped to $3.536 per gallon, a 3-cent drop from the previous week and a significant 83 cents lower than the same time last year. Meanwhile, the average gasoline price across the country hovered at $3.069 per gallon, approximately 32 cents cheaper than last year, as prices continued their post-Halloween decline.
Regional Diesel Price Breakdown
While diesel prices dropped across all regions in the U.S., the extent of the decreases varied:
- California saw only a slight drop, with prices dipping by less than a cent to $4.681, keeping it the most expensive region for diesel.
- East Coast and West Coast regions also experienced modest drops, with both regions seeing just a 1-cent decrease, settling at $3.590 and $4.190 per gallon, respectively. Notably, the West Coast (excluding California) fared better with a 2-cent drop to $3.763 per gallon.
- Midwest recorded a 5-cent decrease, bringing the average diesel price to $3.517 per gallon.
- Gulf Coast remained the least expensive region for diesel, with a 4-cent decline to $3.184 per gallon.
- Rocky Mountain region saw the most significant drop, with diesel prices falling by 7 cents to $3.583 per gallon.
In comparison, AAA reported a slightly higher national diesel average of $3.553, but this figure still represents a 2-cent decline from last week’s average of $3.569 and is 86 cents lower than last year’s average.
Gasoline Prices Hover Above $3 Per Gallon
Gasoline prices also continued their descent nationwide, with the exception of the Midwest, where prices increased by 1 cent to reach $2.937 per gallon. This did not prevent the national average gas price from falling 2 cents to $3.069 per gallon, with regional fluctuations ranging from 1 to 9 cents:
- Gulf Coast and West Coast regions both experienced 2-cent decreases, with gas prices reaching $2.619 and $3.945 per gallon, respectively.
- California saw a 3-cent drop, bringing the state’s gas price average to $4.292 per gallon, maintaining its position as the most expensive for gas.
- East Coast experienced a 5-cent drop to $2.992 per gallon.
- Rocky Mountain region recorded the largest decrease, with prices falling by 9 cents to $3.103 per gallon.
According to AAA, the average gas price now sits at $3.101 per gallon, down 3 cents from last week and 32 cents from last year’s average of $3.426.
Seasonal Factors and Market Outlook
The drop in gas and diesel prices reflects seasonal patterns, as demand typically slows after summer. Andrew Gross, a spokesperson for AAA, commented on the resumption of the seasonal price decline following temporary disruptions caused by Hurricanes Helene and Milton. “We are only about seven cents away from the national average’s 2024 low, and it will likely keep rolling and fall below $3 soon,” Gross stated, expressing optimism that fuel prices will continue to decrease as winter approaches.
The cooling demand and steady decrease in fuel costs provide welcome relief to consumers across the U.S. and signal a trend that may bring further price reductions in the coming weeks. As fuel costs continue to stabilize post-summer, regions across the country can expect prices to potentially reach new lows before the end of the year.
Source:
Leave a Comment