Not only is the average cost per gallon the highest in four years, but diesel fuel has steadily increased for six straight weeks and up almost 20 cents since March 19, according to truckinginfo.com.
In 2018 alone, the average price has jumped more than 57 cents per gallon.
During the last week of April, the largest increase occurred in the Midwest region where prices rose $3.6 per gallon. According to American Trucker, diesel continued to average more than $3 per gallon the first week of May in all but one region, the Gulf Coast.
What’s the Cause?
The increase in diesel costs is due to Global crude oil prices being on the rise the past month, which is caused by increased tension in the Middle East and the possibility that the U.S. will end its nuclear deal with Iran.
Saudi Arabia’s recent moves to push crude oil prices back up to about $80 per gallon has also played a part in the spike.
Average Prices by Region
According to the Energy Information Administration, the average diesel fuel prices by region on Monday, May 7, 2018:
- U.S. – $3.171, up 1.4 cents
- East Coast – $3.178, up 1.6 cents
- New England – $3.215, up 1.2 cents
- Central Atlantic – $3.336, up 1.5 cents
- Lower Atlantic – $3.061, up 1.9 cents
- Gulf Coast – $2.955, up nine-tenths of a cent
- Rocky Mountain – $3.249, up 3.4 cents
- West Coast – $3.662, up 2.2 cents
- California – $3.863, up 2.9 cents
California, which is the region with the highest national average is also home to the highest average price in the contiguous 48 states at $3.73 in the San Francisco Bay Area.
Promiles.com also publishes weekly fuel price information, which include national and regional averages. It calculates fuel prices slightly different than the EIA so prices reported by region by ProMiles.com are slightly different.