Fuel prices flatten following big drop-off in early 2020
Fuel prices level off after dramatic drop-off to open year
Diesel fuel prices across the U.S. have leveled off after a dramatic drop-off over the first five months of the year, according to the Department of Energy’s weekly numbers.
The national average price for a gallon of on-highway diesel fell nearly 70 cents from early January to late May, mostly due to a decrease in demand with the COVID-19 pandemic and an oil price battle between Russia and Saudi Arabia. Since early June, prices have stayed mostly flat, climbing just over 5 cents in the six-week span.
During the most recent week ending July 20, the national average price fell by a half-cent to bring the average price for a gallon of on-highway diesel to $2.433, which is up from the 2020 low of $2.386 that was seen during the week ending June 1.
Prices increased in all regions during the most recent week except in the West Coast less California region, which saw a three-tenths of a cent increase. The largest decrease was seen in New England, where fuel prices fell by 2.4 cents.
The nation’s most expensive fuel can be found in California at $3.248 per gallon, followed by the Central Atlantic region at $2.699 per gallon.
The cheapest diesel is in the Gulf Coast region at $2.198 per gallon, followed by the Midwest region at $2.309 per gallon.
Prices in other regions, according to DOE, are:
New England – $2.626 per gallon
Lower Atlantic – $2.377 per gallon
Rocky Mountain – $2.343 per gallon
West Coast less California – $2.597 per gallon
Original article provided by: https://www.ccjdigital.com/ccj-daily-dispatch-july-21-fuel-prices-flatten-following-big-drop-off-in-early-2020/