Fuel Costs Near Two-Year Low

Diesel prices this week slipped to their lowest level in more than two years, coming in at $3.758 a gallon nationally.

Just eight months ago, that same gallon of diesel cost $4.633 in mid-September, according to data from the Energy Information Administration (EIA). It’s also the lowest national average since the week of January 3, 2022, when a gallon cost $3.613.

Fuel costs fell in every region of the country for the week ending May 27, according to EIA’s weekly report. Midwest prices fell the furthest, dropping 5.2 cents to close at $3.633 per gallon. West Coast fleets continue to pay a premium at the pump — $4.449 for a gallon — but this week’s price drop of 4.6 cents takes some of the sting out of that price.

The Rocky Mountain region experienced the third largest price drop — 4 cents a gallon — which took the region down to $3.706 for the week. Truckers along the Gulf Coast saw little movement in diesel prices: a 1.2-cent decrease made little real difference to the region’s average price of $3.478.

Prices on the East Coast showed the least movement, closing the week at $3.885 for a gallon following a one cent decrease.

Compared to a year ago, diesel prices are 9.7 cents lower.