LITTLE ROCK, Ark. — The average price for a gallon of diesel fuel in the U.S. is down for the eighth straight week as demand has plummeted to its lowest seasonal level in 26 years.
According to the Energy Information Administration (EIA), drivers around the country are paying $3.726 per gallon. That’s down from $3.758 on May 27 and $3.789 on May 20.
The lowest average price is along the Gulf Coast at $3.450 per gallon, followed by the Midwest at $3.592.
The highest price is in California at $4.968 per gallon on average.
According to the EIA, demand for distillate fuels, which are used in the trucking and home heating industries, has dropped to 3.67 million barrels a day due to sluggish manufacturing activity and a milder-than-expected winter.
There’s also plenty of renewable fuel supply, the EIA notes.
The two most immediate U.S. ultra-low sulfur diesel futures contracts settled in the steepest contango since 2020 on Friday, according to a Reuters report. A market is in contango when prices for commodities are lower now than for future deliveries.
Born in Pine Bluff, Arkansas, and raised in East Texas, John Worthen returned to his home state to attend college in 1998 and decided to make his life in The Natural State. Worthen is a 20-year veteran of the journalism industry and has covered just about every topic there is. He has a passion for writing and telling stories. He has worked as a beat reporter and bureau chief for a statewide newspaper and as managing editor of a regional newspaper in Arkansas. Additionally, Worthen has been a prolific freelance journalist for two decades, and has been published in several travel magazines and on travel websites.
