The diesel future markets show signs of strength; however, prices have been on the decline over the last eight weeks with $5 per gallon diesel. According to FleetOwner, the average national diesel price on September 12th was $5.01 which is down two cents from the day prior and five cents from the average a week ago. Although we have seen a decline in both diesel and gasoline all week, we are still up by $1.661 from a year ago.
Three regions of the United States watched diesel prices fall below the five dollar per gallon mark from last week. Gulf Coast diesel is down to $4.76, parts of the East Coast show a price of $4.949 per gallon average posted price, and the Rocky Mountain region is down to $4.961 per gallon. Midwest prices are still showing above $5 per gallon, but still in decline from last week. FleetOwner reports prices being down again on the West Coast, the most expensive region in the country, $5.658 per gallon, a decline of 3.5 cents from the week prior.
Gasoline prices are also dropping nationwide. The EIA reported the U.S. average for gasoline decreased around 5 cents per gallon from last week.
Crude prices have declined nearly $30 per barrel from a few months ago and with Russia’s invasion of Ukraine, the March price shake up being further in the distance we may see prices continue to fall. FleetOwner noted, “after the invasion, energy experts were predicting $200-per-barrel oil, but crude prices are lower now than when the war in Ukraine began and have dropped 30% in the last two months.”