The national average diesel price dropped by 7.8 cents, now sitting at $3.553 per gallon, as per U.S. Energy Information Administration data released on October 21. This marks the first drop in over a month, reversing a total increase of 10.5 cents over the previous four weeks.

Although the price has fallen, diesel is still considerably cheaper compared to last year, with the national average down by 99.2 cents from the same week in 2023.

Year-over-Year Comparison
The national average diesel price is 99.2 cents lower than the same period in 2023, with the Midwest, Rocky Mountain, and West Coast regions seeing drops of over $1 per gallon.

Regional Breakdown

  • East Coast (PADD 1): Prices in the East Coast region saw a slight rise of 0.4 cents, reaching $3.590 per gallon.
    • New England (PADD 1A): Prices fell slightly by 0.6 cents, averaging $3.760 per gallon, 79.1 cents lower than last year.
    • Central Atlantic (PADD 1B): This subregion saw a notable 4.5-cent decrease to $3.816 per gallon, 85.2 cents lower than last year.
    • Lower Atlantic (PADD 1C): Prices increased by 2.5 cents to $3.489 per gallon, though still 81 cents lower than the same time last year.
  • Midwest (PADD 2): The Midwest saw the largest price drop, falling 10.8 cents to $3.543 per gallon. Year-over-year, prices are down by $1.011, the biggest decline among all regions.
  • Gulf Coast (PADD 3): Prices fell sharply by 13.8 cents, bringing the average to $3.199 per gallon. Year-over-year, Gulf Coast prices have dropped by 98.7 cents.
  • Rocky Mountain (PADD 4): The Rocky Mountain region remained mostly unchanged with a 0.1-cent rise, maintaining an average of $3.636 per gallon. However, year-over-year, prices have dropped by $1.118.
  • West Coast (PADD 5): Prices decreased by 6.4 cents to $4.210 per gallon. Despite being the region with the highest diesel prices, the West Coast has also seen one of the largest year-over-year drops:
    • West Coast Less California: Prices in this subregion dropped by 8.9 cents to $3.785 per gallon, down $1.203 from last year.
    • California: Diesel prices in California decreased by 3.6 cents to $4.698 per gallon, showing the largest year-over-year drop of $1.318 among subregions.

Market Trends
The drop in diesel prices is attributed to lower crude oil prices and a decline in seasonal demand, especially as agricultural activities wind down in the Midwest. Additionally, steady refinery output and a calm hurricane season along the Gulf Coast have helped maintain supply, contributing to the price decrease.

Gasoline Update
The national average price for gasoline fell by 2.7 cents to $3.144 per gallon, which is 38.9 cents lower than at this time in 2023.