February 2024 Diesel Fuel Update: Costs Dip Again

Based on the latest report by the U.S. Energy Information Administration (EIA), average U.S. diesel fuel prices have mosty experienced a modest decline over the past week. 

As of February 26, 2024, U.S. national average diesel fuel prices stayed at just under $4.06 per gallon. This recent per-gallon pricing represents a 5-cent drop from last week and a decrease of just under 24 cents compared to the previous year. 

The Midwest and Gulf Coast regions are both seeing prices below $4 per gallonwith the Rocky Mountain region being the only one that saw an increase compared with last week. 

U.S. Regional Diesel Fuel Prices as of February 26, 2024

Average diesel prices as of February 26, 2024, by region, are:

• East Coast: $4.19
• Midwest: $3.96
• Gulf Coast: $3.77
• Rocky Mountain: $4.00
• West Coast: $4.69

U.S. Regional Diesel Fuel Prices as of February 19, 2024

As of February 19, 2024, U.S. national average diesel fuel prices stayed at just under $4.11 per gallon. This recent per-gallon pricing represents no change from last week and a decrease of just under 27 cents compared to the previous year. 

Average diesel prices as of February 19, 2024, by region, are:

• East Coast: $4.24
• Midwest: $4.01
• Gulf Coast: $3.85
• Rocky Mountain: $3.96
• West Coast: $4.72

U.S. Regional Fuel Prices as of February 12, 2024

As of February 12, 2024, U.S. national average diesel fuel prices increased to just under $4.11 per gallon, creeping quickly above the $4 per gallon mark on a national average. 

This recent per-gallon pricing represents an increase of 21 cents from last week and a decrease of just under 34 cents compared to the previous year. 

Average diesel prices as of February 12, 2024, by region, are:

• East Coast: $4.20
• Midwest: $4.04
• Gulf Coast: $3.87
• Rocky Mountain: $3.81
• West Coast: $4.72

At the close of Wednesday’s formal trading session, according to the EIA, the WTI increased by 55 cents to settle at $73.86. Oil prices rose after the EIA reported that refinery oil processing was down slightly from 82.9 to 82.4%, signaling that winter maintenance increases ahead of the spring driving season continues.

Additionally, the EIA reported that total domestic commercial crude stocks increased by 5.5 million bbl to 427.4 million bbl.

U.S. Regional Fuel Prices as of February 5, 2024

As of February 5, 2024, U.S. national average diesel fuel prices increased to just under $3.90 per gallon, still below the $4 per gallon mark on a national average but continuing the slow increase seen in January. 

This recent per-gallon pricing represents an increase of just over 3 cents from last week and a decrease of 64 cents compared to the previous year. 

Average diesel prices as of February 5, 2024, by region, are:

• East Coast: $4.04
• Midwest: $3.74
• Gulf Coast: $3.70
• Rocky Mountain: $3.65
• West Coast: $4.55

What's Happening with Gasoline Costs?

As of late-February, gasoline costs were also stabilizing, hitting a national average of $3.27 per gallon.

What's driving the increase? According to AAA, after suddenly spiking more than 10 cents two weeks ago, the national average for a gallon of gas had a calm week and stayed at $3.27. 

The AAA share news that the large BP-Whiting refinery in Indiana, which has been offline since early February due to power issues, is reopening soon. This may have contributed to easing pump price nerves. The AAA noted the refinery processes nearly 440,000 barrels of crude daily, and the shutdown caused gasoline prices throughout the Midwest to rise.