Diesel Prices Continue Downward Trend in Mid-February

How are national average diesel fuel prices doing in mid-February 2023? National average retail diesel fuel prices decreased to $4.44 per gallon as of February 16, 2023, according to the U.S. Energy Information Administration (EIA). 

This average price represents a decrease of 10 cents from the prior week and an increase of just 43 cents over the same time last year. 

How are Regional Fuel Prices Doing? 

For a second week in a row, all regions saw a price decrease for diesel fuel year-over-year compared to the prior week. West Coast average prices are closing in on dropping below the $5 per gallon mark, with Oregon and Idaho averaging about $4.67 per gallon in comparison. 

Current average diesel prices by region are:

• East Coast: $4.65
• Midwest: $4.27
• Gulf Coast: $4.15
• Rocky Mountain: $4.67
• West Coast: $5.03

What is Impacting Diesel Fuel Prices Today? 

There are several factors that could be impacting diesel fuel prices in the U.S. today, including:

• Global crude oil prices: Diesel fuel is made from crude oil, so any fluctuations in global crude oil prices can impact diesel fuel prices.
• Supply and demand: The supply and demand of diesel fuel in the U.S. can impact its price. If there is an increase in demand for diesel fuel or a decrease in its supply, its price could rise.
• Refinery production: Refinery production levels can impact diesel fuel prices. If there are issues with refineries producing diesel fuel, its price could rise.
• Government regulations and taxes: Government regulations and taxes can also impact diesel fuel prices. For example, changes in environmental regulations can lead to changes in diesel fuel prices.

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