According to today's USDA Grain Transportation Report, for the week ending May 8, the U.S. average diesel fuel price fell 9.6 cents from the previous week to $3.922 per gallon, 170.1 cents below the same week last year.
This is the first time since February 7, 2022, the diesel price has fallen below the $4 per gallon mark. This week’s decline is also the largest drop since December 19, 2022, when diesel prices dropped 15.8 cents per gallon.
Diesel prices fell in all regions, but the largest drop occurred in the Gulf region, where prices fell 14.1 cents per gallon.
According to the Energy Information Administration’s (EIA) Short-Term Energy Outlook, retail diesel prices are expected to average $3.90 per gallon in 2023 and $3.62 per gallon in 2024.
These prices are down from EIA’s prior forecast by 21 cents and 25 cents, respectively.