Diesel Fuel Prices Dwindle
According to the Energy Information Administration data report, released on Dec. 26, the average national diesel fuel price has gone down 5.9 cents in the past week, bringing the total average to $4.537 per gallon.
Since Nov. 7 diesel prices have dropped 79.6 cents, from $5.333 a gallon to the current average of $4.537.
This time last year diesel fuel was 92.2 cents less than it is now. In all of the 10 regions surveyed by EIA, the West Coast minus California and New England saw the biggest decline with 11.1 cents.
In California, there was the smallest decline with the average diesel price falling about 2 cents. The next smallest decline is in Central Atlantic and Lower Atlantic, both had diesel prices fall about 3 cents.
Gasoline Updates
All 10 survey regions have seen a decline in gas prices from the week prior, except Gulf Coast, which saw a 0.4-cent increase.
Compared to last year, the average price for gasoline in all 10 regions is lower than in 2022.
Regions that saw the biggest decrease from a year ago are the Rocky Mountains (38.6 cents), Gulf Coast (22.2 cents), and West Coast (21.9 cents).
Predictions
EIA forecasts a 19% decline in diesel refining margins for 2023 compared to 2022. However, due to the EU’s ban on seaborne imports of petroleum products from Russia, there is still some uncertainty surrounding this. They also anticipate a 3.8% decline in diesel fuel.
Conclusion
With gas and diesel prices returning to semi-normal numbers now is a great time to invest in your business and even expand your existing fleet. Click the banner below to get connected with one of our expert sales representatives. For more news like this, subscribe to our newsletter.
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