August 2023: Diesel Fuel Price Rises 7th Week Straight

Looking at the last week of August 28, 2023, national average retail diesel fuel prices continue to rise, hitting $4.48 per gallon, according to the U.S. Energy Information Administration (EIA). 

Looking for more? Check out the September updates! 

This is now the seventh straight week in a row national average diesel prices continued the upward trajectory, starting in mid-July. While national average prices saw an almost 9-cent rise over last week, overall prices are still down 64 cents per gallon compared to the previous summer.

This week, the East Coast saw the lowest increase week over week at just over 5 cents while the Midwest is seeing the lowest prices when you look at it year over year at just under 79 cents less. Looking back at historical fuel prices, the last time we saw prices at this level was in late 2012/early 2013. Before that was during the economic downturn in 2008. The currently highest recorded average diesel fuel price was on June 20, 2022 at $5.81 per gallon.   

Check out Work Truck's latest weekly price diesel price update covering the rollercoaster ride of diesel prices: 

Average diesel prices as of August 21, by region are:

• East Coast: $4.42
• Midwest: $4.30
• Gulf Coast: $4.10
• Rocky Mountain: $4.50
• West Coast: $5.14

U.S. Regional Diesel Fuel Prices as of August 21, 2023

Looking at the week of August 21, 2023, national average retail diesel fuel prices continue to rise, hitting $4.39 per gallon, according to the U.S. Energy Information Administration (EIA). 

This is the sixth straight week in a row that national average diesel prices continued the upward trajectory since mid-July. While national average prices saw an almost 11-cent rise over last week, overall prices are still down 52 cents per gallon compared to the previous summer.

All U.S. regions are now seeing diesel fuel prices over $4 per gallon, with the West Coast creeping over the $5 per gallon mark once again. The Midwest was the only region that experienced a VERY modest decrease of just over 1 cent.

Average diesel prices as of August 21, by region are:

• East Coast: $4.42
• Midwest: $4.30
• Gulf Coast: $4.10
• Rocky Mountain: $4.50
• West Coast: $5.14

U.S. Regional Diesel Fuel Prices as of August 14, 2023​

Heading into the middle of August 2023, national average retail diesel fuel prices continue to rise, hitting $4.38 per gallon, according to the U.S. Energy Information Administration (EIA). 

This is the fifth straight week in a row that average prices continued the upward trajectory for diesel prices since mid-July. While national average prices saw an almost 14-cent rise over last week, overall prices are still down 53 cents per gallon compared to the previous summer.

All U.S. regions are now seeing diesel fuel prices over $4 per gallon, with the West Coast creeping over the $5 per gallon mark once again. 

Heading into the third week of August, average diesel prices as of August 14, by region are:

• East Coast: $4.40
• Midwest: $4.32
• Gulf Coast: $4.10
• Rocky Mountain: $4.40
• West Coast: $5.09

Why are diesel prices rising so much right now? According to Reuters, "Prices for diesel and other distillate fuel oils have surged as expectations for a soft landing and an improving economic outlook in the United States threaten to deplete already low inventories even further." In other words - people think the U.S. economy is going to get better, which could lead to even less of these fuels available because their stocks are already low. 

Reuters added that "futures prices for ultra-low sulphur diesel delivered in New York Harbor in September climbed to $135 per barrel on Aug. 9, up from $95 on May 31."

U.S. Regional Diesel Fuel Prices as of August 7, 2023​

Starting August 2023, national average retail diesel fuel prices are rising, hitting $4.24 per gallon, according to the U.S. Energy Information Administration (EIA). 

This average price continued the upward trajectory for diesel prices since mid-July. While national average prices saw an almost 12-cent rise over last week, overall prices are still down 75 cents per gallon compared to the previous summer.

Only the Gulf Coast region is witnessing diesel fuel prices below the $4 per gallon mark right now but is creeping up on the $4 mark, while the West Coast is creeping up on the $5 mark. 

The first week of August, average diesel prices as of August 7, by region are:

• East Coast: $4.25
• Midwest: $4.20
• Gulf Coast: $3.96
• Rocky Mountain: $4.29
• West Coast: $4.91

U.S. Gasoline Prices Dip in August 2023

National average gasoline prices in the U.S. have been experiencing even more of a ride than diesel prices. As of August 28, national average gasoline prices are $3.81 per gallon, down about 6 cents compared to last week and just over 1 cent vs. 2022.  

All U.S. regions with the exception of the West Coast saw a dip in gasoline prices in late August. Currently, only the West Coast is showing average gasoline prices above the $4 per gallon mark closing out the summer months. 

Stay up-to-date on diesel fuel prices throughout the month by regularly checking for the latest updates. We will post new information as soon as it becomes available, so come back again!