Diesel prices in the US fell for the third week in a row
As of Jan. 8, the average price was $3.82 per gallon. That’s down from $3.87 a gallon a week ago and $4.12 a month ago.
In the Midwest the average price was $3.69 per gallon, while on the East Coast the price was just under $4 per gallon at $3.95.
Prices are highest in California at $5.15 and lowest on the Gulf Coast at $3.53 per gallon.
“The global refining picture continues to improve and capacity is increasing, providing confidence that 2024 will not see record prices at the pump. I expect we will still have some volatility, unexpected outages and disruptions, and possible weather-related issues, but I don’t think it will lead to record prices. Compensating for OPEC+ production cuts is boosting US oil production, which is now at record levels. Combined with Canada, North American oil production could further stabilize countries that have decided to limit oil production,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
GasBuddy reports that diesel prices will continue to fall gradually starting in 2023, peaking at $4.13 per gallon in March 2024.
