According to the Energy Information Administration, the price of a gallon of diesel fell 16.4 cents this week to a nationwide average of $5.268, marking the fifth week in a row that the price has fallen (EIA). Prices are falling in lockstep with consumer confidence in the economy, as fewer people fill up for summer travel. Similarly, the price of crude oil is falling in tandem with demand as the likelihood of a recession rises.
According to Fleet Owner, “the diesel price for the week of July 25 is 51.5 cents cheaper than the last week of June but $1.926 more expensive than a year ago. Gasoline has fallen similarly to an average of $4.33 per gallon, a 16-cent drop from last week. Gas is $1.194 higher than one year ago.” Diesel prices have continued to fall in every region of the United States, even falling below $5 per gallon in the Gulf Coast, which is the first region to see prices fall below $5 since April. Every other region still charges more than five dollars per gallon, and California charges more than six dollars, at $6.389. Full story!