The average price of diesel in the U.S. rose by just a tenth of a cent, reaching $3.540 per gallon for the week ending December 2, according to the latest data from the U.S. Energy Information Administration (EIA). This small increase follows a more significant rise of 4.8 cents the previous week, suggesting that diesel prices may be stabilizing.
Despite the recent uptick, diesel prices are still 55.2 cents lower compared to the same week in 2023.
Year-over-Year Price Declines
On a national level, diesel prices have dropped by 55.2 cents compared to last year, offering considerable savings for the transportation and logistics industries. California experienced the largest year-over-year decrease, with prices falling 82.8 cents. The Rocky Mountain region follows with a 69.7-cent drop.
Regional Price Changes
East Coast (PADD 1): Diesel prices on the East Coast saw a small increase of 0.4 cents, bringing the regional average to $3.597 per gallon. Subregional changes include:
New England (PADD 1A): Prices fell by 0.3 cents, averaging $3.773 per gallon. This marks a year-over-year decrease of 65.9 cents.
Central Atlantic (PADD 1B): A 0.6-cent increase brought prices to $3.793 per gallon, a 66.5-cent drop from last year.
Lower Atlantic (PADD 1C): Prices rose by 0.4 cents to $3.507 per gallon, the smallest year-over-year drop in the region at 48.3 cents.
Midwest (PADD 2): The Midwest saw a 1-cent decline, bringing prices to $3.521 per gallon. This decrease follows a 6.5-cent increase the previous week. Prices are still 50.4 cents lower than last year.
Gulf Coast (PADD 3): The Gulf Coast experienced the largest weekly price increase, up by 2.4 cents to $3.227 per gallon. Despite this rise, the Gulf Coast continues to have the lowest diesel prices in the country. Year-over-year, prices in the region are down by 51 cents.
Rocky Mountain (PADD 4): Diesel prices in the Rocky Mountain region dropped by 1.9 cents, averaging $3.431 per gallon. Prices are 69.7 cents lower compared to the same week in 2023.
West Coast (PADD 5): Diesel prices on the West Coast averaged $4.164 per gallon, down 1.3 cents from the previous week. Subregional trends include:
West Coast excluding California: Prices fell by 1.6 cents, bringing the average to $3.739 per gallon, a 67.9-cent decrease from last year.
California: Prices dropped by 1 cent to $4.652 per gallon. California continues to have the highest diesel prices in the U.S., although they are 82.8 cents lower than a year ago.
Weather Impacts
Severe winter weather, particularly in the Midwest and Northeast, could disrupt supply chains and increase demand for heating fuels. This may indirectly affect diesel prices, as the two fuels often compete for the same production resources.
Gasoline Prices
The national average price for gasoline dipped by 1 cent to $3.034 per gallon, making it 19.7 cents cheaper than at the same time last year.
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