December 2023: 8 Weeks of Declining Diesel Costs

Based on the latest report by the U.S. Energy Information Administration (EIA), diesel fuel has seen the eighth straight week of dipping and declining diesel prices. 

Heading into the second week of December, U.S. national average diesel fuel prices in the U.S. dropped even lower to $3.89 per gallon, continuing to slide below the $4 per gallon mark on a national average. We are just about 13 cents above the lowest prices we saw this year in July 2023. The week-over-week decrease is down just under 10 cents and down just over 70 cents compared to last year.

All regions saw a week-over-week and year-over-year decrease. The East Coast and Rocky Mountains joined the Midwest and Gulf Coast regions with diesel fuel costs below the $4 per gallon mark. The West Coast dipped further below the $5 per gallon mark but with California averaging $5.23 per gallon of diesel, that region is still seeing elevated prices. 

Check out Work Truck's latest weekly diesel price update covering the steadily increasing diesel prices. Want more? Check out this data from January 2024!

Average diesel prices as of December 18, 2023, by region, are:

• East Coast: $4.97
• Midwest: $3.81
• Gulf Coast: $3.57
• Rocky Mountain: $3.94
• West Coast: $4.66

U.S. Regional Diesel Fuel Prices as of December 11, 2023

Based on the latest report by the U.S. Energy Information Administration (EIA), diesel fuel has seen SEVEN straight weeks of dipping and declining diesel prices. 

Heading into the second week of December, U.S. national average diesel fuel prices in the U.S. dropped even lower to $3.99 per gallon, dipping below the $4 per gallon mark on a national average. The week-over-week decrease is down just over 10 cents and down just over 77 cents compared to last year.

All regions saw a week-over-week and year-over-year decrease. The Midwest joined the Gulf Coast with diesel fuel costs below the $4 per gallon mark. The West Coast dipped further below the $5 per gallon mark. 

Average diesel prices as of December 11, 2023, by region, are:

• East Coast: $4.05
• Midwest: $3.90
• Gulf Coast: $3.64
• Rocky Mountain: $4.05
• West Coast: $4.80

U.S. Regional Diesel Fuel Prices as of December 4, 2023

Starting the last month of the year, U.S. national average diesel fuel prices in the U.S. dropped even lower to $4.09 per gallon. The week-over-week decrease is down just over 5 cents and down just over 87 cents compared to last year.

All regions except for the East Coast saw a week-over-week and year-over-year decrease. The Gulf Coast is still the only region staying below the $4 per gallon mark, but the Midwest is flirting with the lower price range. The West Coast finally dipped just under the $5 per gallon mark. 

Average diesel prices as of December 4, 2023, by region, are:

• East Coast: $4.14
• Midwest: $4.03
• Gulf Coast: $3.74
• Rocky Mountain: $4.13
• West Coast: $4.91

What's Up (or Down) with U.S. Gasoline Prices in December 2023? 

National average U.S. gasoline prices continued to drop steadily throughout the month of December, which is good news for holiday travelers. Entering the final month of 2023, gasoline price decreases have continued to drop for 13 consecutive weeks. 

Sitting at $3.05 on a national average as of December 18, this price represents close to a more than 8 cent drop compared to the previous week and is just over 6 cents lower than last year. And, major news, prices have once again droped to the lows we saw in late December of 2022, officially dropping below the lowest price per gallon of $3.09 on December 26, 2022.

According to the AAA, the main reasons for the price di[ are tepid demand and a low cost for oil, which is hovering around $70 per barrel.

“There are now thousands of gas stations selling regular below $3 a gallon and even a few that have dipped below $2,” said Andrew Gross, AAA spokesperson. “We still need to watch global events for the effect on oil prices, but for now, drivers will benefit from falling prices with every visit to the pump.”