May 2024 Diesel Fuel Update: Prices Continue Decline

What are the current diesel fuel prices in the U.S.? How do they compare to the past? According to the latest report by the U.S. Energy Information Administration (EIA), the average cost of diesel fuel for fleets has decreased once again across all five regions of the country.

The average price of diesel fuel in the U.S. dropped to just over $3.85 per gallon as of May 14, 2024. This represents a decrease of more than 4 cents from last week, and a reduction of just under 5 cents compared to the previous year.

All regions, with the exception of the Rocky Mountains, saw another week-over-week decrease, with only the West Coast staying above the $4 per gallon mark regionally. California is staying above $5 but has been dipping. 

U.S. Regional Diesel Fuel Prices Still Dropping as of May 14, 2024

Average diesel fuel prices reported as of May 14, by region, are:

• East Coast: $3.92
• Midwest: $3.77
• Gulf Coast: $3.56
• Rocky Mountain: $3.79
• West Coast: $4.55

U.S. Regional Diesel Fuel Prices Dipping as of May 6, 2024

Heading into the first whole week of May, the U.S. national average diesel fuel price dropped again to just over $3.89 per gallon as of May 6, 2024. This recent per-gallon diesel pricing represents a more than 5-cent decrease from last week but just a 2-cent decrease compared to the previous year.

The East Coast, along with the Midwest, Gulf Coast, and Rocky Mountain regions, stayed below the $4 per gallon mark.

Average diesel fuel prices reported as of May 6, by region, are:

• East Coast: $3.97
• Midwest: $3.81
• Gulf Coast: $3.62
• Rocky Mountain: $3.79
• West Coast: $4.58

What's Happening with 'Wobbling' Gasoline Prices?

National average gasoline prices continue to rise, settling at $3.67, with expectations of a continuing seasonal increase. 

According to the AAA, "The slight increase in pump prices happened despite a lull in domestic gasoline demand and falling oil prices."

New data from the Energy Information Administration (EIA) shows that gas demand increased from 8.42 million barrels per day to 8.62 million barrels per day last week. Additionally, the total domestic gasoline stocks rose by 0.4 million barrels to 227.1 million barrels. Due to tepid demand, increasing supply, and falling oil prices, it is expected that pump prices may decrease.

Want to learn how to reduce your fleet fuel costs? Check out these "3 Hidden Costs of Fueling & How to Avoid Them" and sign up for our eNewsletter so you never miss an update on fuel prices from Work Truck!