According to today's USDA Grain Transportation Report, over the past 3 weeks, the diesel fuel price has fallen 19.2 cents.
For the week ending November 28, the U.S. average diesel fuel price decreased 9.2 cents from the previous week to $5.141 per gallon—142.1 cents above the same week last year.
The Midwest, the major grain-producing region, saw the largest decline of 12.4 cents per gallon.
Last month, amid widespread fuel shortages, several Midwestern States had temporarily waived hours-of service (HOS) regulations for truck drivers hauling fuel.
The waivers were intended to facilitate harvest-season transportation and prepare for cold weather.
According to the Energy Information Administration’s (EIA) Short-Term Energy Outlook, national retail diesel prices for the rest of fourth quarter 2022 are expected to average more than $5 per gallon (despite the recent price drops).
EIA also projects diesel to average $5.12 per gallon in first quarter 2023. This month, EIA increased its national average diesel price projection by 8 percent for 2023, from $4.29 per gallon to $4.65 per gallon.