U.S. average diesel fuel prices were $2.73 as of March 16, according to the U.S. Energy Information Administration. This is a drop of 8 cents from the previous week and 34 cents from the same time last year.
Overall, since the last peak in May of 2019, U.S. on-highway diesel fuel prices have continued an overall decrease, with a spike in September 2019 that leveled out in early January 2020 and has continued to drop since then.
On the gasoline side, according to reports from AAA, crude oil prices are trending close to $30/barrel, resulting in 35 states experiencing a double-digit drop in gasoline prices. Eleven states showed gasoline prices under $2 per gallon as of March 16.
COVID-19 fears, in addition to the ongoing crude price war, could facilitate further drops in over gasoline and diesel prices over the days and weeks to come, according to AAA.
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