Diesel Approaches $4 Per Gallon Line
We do not report on diesel prices as much as we have in the past, and that is because we prefer to report when the news is something special, as is the case here. According to the Energy Information Administration, the average for diesel fuel across the nation is $4.022 per gallon, which is within a single percentage of the $4 per gallon line.
Details
Since the turn of the Biden Administration, diesel and gasoline prices have been elevated. There are numerous reasons for this: the war in Ukraine, inflation eroding the value of the dollar, and oil companies fearing that drilling within the United States will become unpalatable due to regulations.
With that in mind, while $4 per gallon is quite elevated compared to what it was during the Trump era (especially during the dog days of the COVID-19 pandemic when reduced driving brought the prices of all fuels down significantly), it is still a modest breath of fresh air compared to previous prices, such as 2021 and the 2024 record of $4.109 per gallon.
In news unsurprising to drivers operating in California, the Golden State still holds the record for the most expensive diesel prices, averaging at $5.228 per gallon and raising the West Coast average by 50 cents for each gallon. As a matter of fact, California was one of the only two regions that saw an increase in diesel fuel prices since the end of February 2024, the other being the Rocky Mountains.
Conclusion
What will be interesting to see is how these prices change after the election this year. Former President Trump may pull a Grover Cleveland and become the 47th president as well, but will that place a strong downward trend on fuel prices when the United States is still the leading oil producer in the world during the Biden Administration? We will only really be able to tell if a second Trump term will lead to a reduced price of diesel fuel if it becomes a reality. Until then, this slight decrease provides truckers some much-needed interim relief.
ABOUT TOPMARK FUNDING
TopMark Funding is a top-rated semi-truck financing and trailer financing company located in Roseville, CA. We specialize in commercial trucking and heavy equipment. Our mission is to become your long-term financial partner by helping you grow your trucking business and fleet.
We’re not here for the short-term, we’re on the long-haul with you!
We have financing options for trailers, semi-trucks, commercial trucks, and small businesses. We have great rates, low down payments, and flexible monthly payments regardless of credit history.
Learn more about Trailer Financing.
Fill out the contact form or give us a call at (866) 627-6644. One of our truck financing specialists will contact you as soon as possible to go over your truck lease needs and learn more about you and your business financing goals.
