U.S. fuel prices continue gradual decline as election results approach

The EIA has reported that gasoline and diesel prices continue a gradual downward trend.

The United States is preparing for the presidential elections, and as historic events approach in the coming days, the Energy Information Administration (EIA) has reported that gasoline and diesel prices continue a gradual downward trend. According to the latest data, the average price of on-road diesel has decreased to $3.536 per gallon, representing a 3-cent drop from last week and 83 cents less compared to the same time last year.

Regional differences in diesel prices

Although the general trend is downward, regional variations are notable. In California, diesel prices fell by less than a penny, remaining at $4.681 per gallon. In contrast, both the East Coast and West Coast saw more modest drops, with only a 1-cent decline per gallon. On the West Coast, excluding California, diesel prices decreased by 2 cents.

The steepest declines were recorded in the Gulf Coast, Midwest, and Rocky Mountain regions. In the Gulf Coast, the price of diesel dropped by 4 cents, while in the Midwest, the decline was 5 cents. In this context, the Gulf Coast remains the most affordable region for diesel fuel, while California continues to be the most expensive.

The average diesel price per gallon by region is as follows:

Lower Atlantic: $3.500
Central Atlantic: $3.792
California: $4.681
East Coast: $3.590
West Coast: $4.190
Gulf Coast: $3.184
Midwest: $3.517
Rocky Mountains: $3.583
New England: $3.753

Gasoline: similar trend

Gasoline prices have also followed a similar trend, with a nationwide decrease of 2 cents, averaging $3.069 per gallon. As for the regions where gasoline prices fell, the Gulf Coast saw a 2-cent reduction, reaching $2.619 per gallon, and the West Coast experienced a drop to $3.945 per gallon. In California, the price decreased by 3 cents to $4.292, while the East Coast saw a more significant decline of 5 cents, reaching $2.992 per gallon. In the Rocky Mountains, gasoline prices dropped by 9 cents to $3.103 per gallon.

Despite a slight interruption in the price trend due to hurricanes Helene and Milton, gasoline prices have resumed their gradual decline after the summer peak season. With these decreases, the Gulf Coast remains the cheapest region for gasoline, while California is still the most expensive, although prices in general are moderating as we approach the end of the year.