November 2023: Diesel Dips for Five Weeks Straight

Based on the latest report by the U.S. Energy Information Administration (EIA), diesel fuel prices have seen five straight weeks of dipping and declining diesel prices. Closing out the month of November and officially heading into the end of the year, national diesel fuel prices dropped even lower to $4.15 per gallon. The week-over-week decrease is down just over 6 cents and down just over $1 compared to last year.

All regions saw a week-over-week and year-over-year decrease. The Gulf Coast is the only region staying below the $4 per gallon mark, but other regions are starting to catch up and the West Coast is still just over the $5 per gallon mark. 

Check out Work Truck's latest weekly diesel price update covering the steadily increasing diesel prices:

Average diesel prices as of November 20, by region, are:

• East Coast: $4.12
• Midwest: $4.12
• Gulf Coast: $3.79
• Rocky Mountain: $4.20
• West Coast: $4.99

U.S. Regional Diesel Fuel Prices as of November 20, 2023

Toward the end of the month and Thanksgiving week, national diesel fuel prices dropped even lower to $4.21 per gallon. The week-over-week decrease is down just over 8 cents and down $1.02 compared to last year.

All regions saw a week-over-week and year-over-year decrease, with only the Gulf Coast hitting below the $4 per gallon mark. The West Coast is still just over the $5 per gallon mark. 

Average diesel prices as of November 20, by region, are:

• East Coast: $4.16
• Midwest: $4.21
• Gulf Coast: $3.84
• Rocky Mountain: $4.27
• West Coast: $5.07

U.S. Regional Diesel Fuel Prices as of November 13, 2023

Hitting the second full week of the month, national diesel fuel prices dropped even lower to $4.30 per gallon. The week-over-week decrease is down just under 5 cents and down just over 41 cents compared with the same time last year.

Entering the middle of November, all regions saw a price decrease compared to both the prior week and the previous year. The Gulf Coast is the first region to dip back below the $4 per gallon mark. 

Average diesel prices as of Nov. 13, by region, are:

• East Coast: $4.22
• Midwest: $4.31
• Gulf Coast: $3.93
• Rocky Mountain: $4.36
• West Coast: $5.14

U.S. Regional Diesel Fuel Prices as of November 6, 2023

Based on the latest report by the U.S. Energy Information Administration (EIA), diesel fuel prices have seen two weeks of dipping prices. Starting out November 2023, national average diesel fuel prices dropped to $4.37 as of November 6, 2023. The week-over-week decrease is down about 9 cents and is down just over 96 cents compared with the same time last year.

Average diesel prices as of Nov. 6, by region, are:

• East Coast: $4.29
• Midwest: $4.33
• Gulf Coast: $4.03
• Rocky Mountain: $4.49
• West Coast: $5.26

All regions saw a drop in diesel fuel prices both week-over-week and year-over-year. The last time the U.S. saw prices this low was in August, but we still have a long way to go to hit those sub-$3 per gallon costs once again. 

What's causing this early month dip in prices? According to Kiplinger's Economic Outlooks, ongoing war and conflicts are still having an impact. While staying confined, according to the report, "Barring a worsening of the war or another geopolitical shock, we look for WTI to remain in a range of $80 to $85 per barrel this fall."

What's Up (or Down) with U.S. Gasoline Prices in November? 

National average U.S. gasoline prices continued to decrease starting November, which is good news for holiday travelers. Entering the middle of November, those price decreases have continued. 

Sitting at $3.29 on a national average, this price represents close to a 6-cent drop compared to the previous week and is 36 cents lower than last year. However, while getting close, prices have yet to drop to the lows we saw in late December of 2023.