May Showers Bring Higher Diesel Prices

Diesel Prices

Diesel prices saw a huge leap this month in average price at the pump. The average diesel prices for May increased nearly 15 cents from April, according to the final diesel report of the month put out by the U.S. Energy Information Administration (EIA). The EIA predicted a national average of $2.27 for May, but the month concluded slightly higher with an average price of $2.298. The price is down $0.590 from May 2015. The lowest average price in the U.S. was $2.165 in the Gulf Coast. The highest average price was $2.615 in California, followed by the West Coast at $2.525.

Half of the Regions Jumped More Than 14 Cents

Five regions saw prices go up 14 cents or more. The West Coast excluding California saw the largest increase with $0.185 and an average price of $2.413. Both the West Coast and California followed closely behind increasing by $0.168 and $0.156, respectively. The Midwest landed in the middle with an increase of $0.163. Lastly, the Rocky Mountain region saw the smallest price spike in this group by $0.143 and an average price of $2.304.

Other Regions Experienced Spikes of 14 Cents or Less

The remaining five regions experienced a price increase of 14 cents or less: the East Coast, New England, the Central Atlantic, the Lower Atlantic, and the Gulf Coast. The Lower Atlantic saw the largest price increase in this group from a price of $2.113 to $2.255. The Gulf Coast was close behind, rising $0.141. The East landed in the middle of this group with a price increase from $2.208 to $2.329. Lastly, the Central Atlantic and New England saw the smallest increases of $0.102 and $0.093, respectively. Overall, diesel prices are starting to increase at a faster rate.

The EIA projects diesel prices will increase slightly in June to $2.30 per gallon. It is also predicted that summer fuel prices will be at a 12-year low in the upcoming months.

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Posted in: Diesel, Diesel Prices, Fuel News, Trucking News

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