June 2024 Diesel Fuel: Continued Increases Across All Regions

Curious about the current diesel fuel prices in the U.S. and how they compare to previous weeks? According to the most recent report by the U.S. Energy Information Administration (EIA), the average cost of diesel fuel for fleets has once again experienced an increase across all five regions of the country for the second week in a row. 

The average price of diesel fuel in the U.S. increased to $3.77 per gallon as of June 24, 2024. This price represents aincrease of just over 3 cents from last week but still a reduction of 3 cents compared to the previous year. This is the second weekly increase in a row.

All regions saw a much lower week-over-week increase, when compared to last week, of anywhere from 1 to 3 cents per gallon, with the Rocky Mountain region seeing the highest increase week over week.

The most expensive place to buy diesel is Hawaii, at $5.43 per gallon (a decrease vs. last week). The least costly is still Oklahoma, at $3.32 per gallon, but that's still a decent hike above the prices seen in December 2020. 

U.S. Regional Fuel Prices as of June 24, 2024

Average diesel fuel prices reported as of the fourth week of June, by region are:

• East Coast: $3.87
• Midwest: $3.66
• Gulf Coast: $3.51
• Rocky Mountain: $3.71
• West Coast: $4.42

U.S. Regional Fuel Prices as of June 17, 2024

The average price of diesel fuel in the U.S. increased to $3.74 per gallon as of June 17, 2024. This price represents aincrease of just over 7 cents from last week but still a reduction of 8 cents compared to the previous year. This is the first increase since early April 

All regions saw a week-over-week increase of anywhere from 4 to 10 cents per gallon, with the Midwest seeing the highest increase week over week.

The most expensive place to buy diesel is Hawaii, at $5.48 per gallon. The least costly is still Oklahoma, at $3.30 per gallon

Average diesel fuel prices reported as of the third week of June by region are:

• East Coast: $3.83
• Midwest: $3.62
• Gulf Coast: $3.47
• Rocky Mountain: $3.68
• West Coast: $4.42

U.S. Regional Fuel Prices as of June 10, 2024

The average price of diesel fuel in the U.S. dropped once again to $3.66 per gallon as of June 10, 2024. This price represents a decrease of just over 7 cents from last week and a reduction of just over 13 cents compared to the previous year, one of the most significant dips seen in months.

All regions saw another week-over-week decrease of around 3 cents per gallon, with the Midwest dipping the most regionally by up to 7 cents per gallon.

The West Coast is the only region remaining above the $4 per gallon mark for diesel. But, California dipped below the $5 per gallon average at the end of May and continued its decline, hitting $4.91 per gallon this week. 

The most expensive place to buy diesel is Hawaii, at $5.53 per gallon. The least costly is still Oklahoma, at $3.25 per gallon.

Average diesel fuel prices reported as of the second week of June by region are:

• East Coast: $3.79
• Midwest: $3.51
• Gulf Coast: $3.38
• Rocky Mountain: $3.64
• West Coast: $4.37

U.S. Regional Diesel Fuel Prices as of June 3, 2024

The average price of diesel fuel in the U.S. dropped to $3.73 per gallon as of June 3, 2024. This price represents a decrease of just over 3 cents from last week and a reduction of just over 7 cents compared to the previous year.

All regions saw another week-over-week decrease of around 3 cents per gallon, with the Midwest dipping the most regionally by over 4 cents per gallon. The West Coast is the only region staying above the $4 per gallon mark for diesel. California finally dipped below the $5 per gallon average at the end of May and continued its decline. 

Average diesel fuel prices reported as of the first week of June by region are:

• East Coast: $3.85
• Midwest: $3.59
• Gulf Coast: $3.45
• Rocky Mountain: $3.69
• West Coast: $4.43

Gasoline Prices Dip Continues to Slide Down

National average gasoline prices continued to drop in June, settling at $3.44, according to the AAA, a stark contrast from current diesel price increases.. 

Why the dip? According to AAA, the primary reasons are lackluster gasoline demand and burgeoning supply. The EIA noted that gas demand crept higher from 8.94 million b/d to 9.04 last week. Meanwhile, total domestic gasoline stocks jumped from 230.9 to 233.5 million barrels as production increased last week, averaging 10.1 million barrels per day.

“Gasoline demand has trailed 2023 for most of this year, and analysts believe economic uncertainty may suppress demand this summer,” said Andrew Gross, AAA spokesperson. “So, is the typical robust summer driving season a thing of the past? Or is gas demand just taking longer to pick up steam?  We may not know until autumn.”