Diesel Price Plummets by $1.58 Per Gallon in a Single Year

The average trucker is paying around $450 less than in 2022, which goes a long way in reducing inflation.

By Peter Holderith

Posted on May 18, 2023 3:00 PM EDT

0
Getty

Fuel prices in the United States were outside the sanity range not long ago. However, they’ve dropped like a rock over the past year. The price of gasoline is down over a dollar on average as compared to this time last year. Likewise, the price of a gallon of diesel has dropped by $1.58 over the same period of time. This is the largest drop in price in over a decade.

The news comes from Patrick De Haan, the Head of Petroleum Analysis at GasBuddy. This guy loves gas. As he noted in a tweet, the last time diesel prices had dropped this much, you could still buy a new Saab, Pontiac, and Saturn. He forgot Mercury.

This statistic is even more telling in the context of filling the tank of a semi-truck. As De Haan points out, the average trucker is paying around $450 less as compared to this time last year to brim their rig. This is a big deal in terms of reducing inflation. Many of the goods we buy need to be transported by vehicles powered by diesel engines, primarily semi-trailers.

As previously mentioned, the price of regular gasoline is down as well. It has yet to get back down to early-pandemic levels when stations would practically pay you to take it, but it’s on its way down. This year around Christmas saw prices in the neighborhood of three dollars per gallon on average, which hadn’t been seen since the summer of 2021.

Got a tip or question for the author? You can reach them here: peter@thedrive.com