Curious how diesel fuel prices are doing in the United States today? National average retail diesel fuel prices were $4.75 per gallon as of Dec. 12, 2022, according to the U.S. Energy Information Administration (EIA).
This average price represents a decrease of 21 cents from the prior week and an increase of $1.11 over the same time last year. As of press time, the highest that the national average diesel fuel prices peaked to in 2022 was $5.81 per gallon on June 20. Average diesel fuel prices declined through mid August and have been on an up-and-down trajectory for the last few months of 2022, dropping overall since November 7.
All regions are still seeing price increase for diesel fuel year-over-year but are seeing a decrease from the prior week.
Current average diesel prices by region are:
- East Coast: $5.01
- Midwest: $4.65
- Gulf Coast: $4.34
- Rocky Mountain: $5.03
- West Coast: $5.29
But, are diesel prices forecast to keep dropping? According to Kiplinger’s Economic Outlooks in early December, a diesel fuel shortage isn't helping. The forecasters noted that, "We don’t see diesel costs falling much unless a recession arrives next year and saps demand for freight shipping." But, crude oil prices impacted by the Russian invasion of Ukraine and potential lockdowns in China remain unknown factors.
Looking further into diesel fuel, a common goal is to reduce global emissions by 2050. Does that mean completely leaving behind diesel? Check out our diesel fuel updates, coverage, and stay up-to-date on everything fleet related by registering for Bobit Connect today.