The U.S. diesel average so far is bucking predictions that it will increase because of shortages of the fuel this month. The average price for trucking’s main fuel dropped 8 cents to $5.233 per gallon for the week of Nov. 21, according to new U.S. Energy Information Administration (EIA) data.
The week of Nov. 21 was the second week in a row that the diesel average declined. It dipped 2 cents for the week of Nov. 14, but it’s been several weeks since the average sat below $5.30 a gallon.
See also: Diesel average dips, but more price hikes may be brewing amid shortage concerns
Diesel, however, still is almost $1.51 per gallon more than it was a year ago, according to EIA. As a result, the fuel is continuing to drive up fleet costs and dictate shifts in the freight market, according to a leading market analyst.
As much as the diesel shortage has been cited as a possible catalyst for higher fuel prices, oil prices are staying below the $85-per-barrel mark, even declining to around $80 for West Texas Intermediate Crude.
Every region of the U.S. except the Rocky Mountain region (up 3.7 cents to $5.438 per gallon) saw decreases in diesel for the week of Nov. 21, according to EIA. The fuel was down the most along the Gulf Coast, where it slid 10.4 cents to $4.782. Trucking’s main fuel decreased 9 cents in the Midwest to $5.231 per gallon. It was down 6.3 cents to $5.411 on the East Coast and 2.5 cents lower to $5.744 per gallon on the West Coast, which historically is the most expensive region for diesel.
Motor club AAA had trucking's main fuel dropping all week leading up to Nov. 21. A week ago, the fuel was $5.358 per gallon, according to AAA, but $5.286 by Nov. 22, a 7.2-cent drop in a week, according to the motor club's data.
According to EIA, the national average for gasoline was down 11.4 cents in a week, from $3.762 on Nov. 14 to $3.648 on Nov. 21. Gas, widely used by consumers and some commercial fleets, is 25.3 cents more per gallon than it was last year at this time.
