The diesel market just saw its largest decline since mid-August, but prices remain high, as reported by Transport Topics. The average price in America for diesel reduced by 8 cents to reach a still shocking $5.233 per gallon, according to data released on Nov. 21 by the Energy Information Administration.
Closely tracking fuel supply and prices has been a mainstay of the transportation energy as fuel supplies lessen in response to the ban on Russian oil. Most widely felt in the summer, fuel prices have been setting record highs as the country attempts to regulate their supply levels, dipping into the U.S. emergency oil reserve to sustain transportation needs across the country.
This week’s decline in prices is the most significant one the country has seen since Aug. 15. Then, there was an 8.2 cent decrease and the national average for diesel was at $4.911 a gallon.
Despite the 8-cent drop reported by the Energy Information Administration, one gallon of U.S. diesel costs a notable amount more now than it did in late November 2021. Then, the average price per gallon was $3.724.
The Energy Information Administration keeps a close eye on the diesel prices for 10 individual regions across America. In these regions, the price for diesel decreased in eight of them while increases were seen in the other two.
The Gulf Coast region saw the most significant decrease at 10.4 cents a gallon. Conversely, the Rocky Mountain region saw the highest increase at 3.7 cents a gallon.
Switching tracks to look at gasoline prices, like diesel, there was also a drop in prices. The price tag for a gallon of gasoline dropped 11.4 cents. It now sits at $3.648 a gallon, which is 25.3 cents more than what it did in late November 2021.
Despite wavering fuel prices, energy experts have assured the country that there is no need or reason to panic over widespread supply chain issues or fuel shortages.