Better Than Last Year: Diesel prices show signs of relief

After recent spikes, consumers are starting to see some slight relief when it comes to fuel prices.

Farmers and consumers may start to see some relief at the pump. According to GasBuddy, the national average diesel price dipped just under a cent in the last week—now sitting more than 30 cents cheaper per gallon compared to this time in 2022. Regular gasoline prices are also experiencing a downward trend.

While it might not seem like much, with a gallon of diesel averaging at $4.52, that price is still 36 cents less than this time last year.

Regular, unleaded gasoline prices also fell by 3.5 cents on the week. However, since the average price for a gallon of gas is $3.77, prices still fall almost three cents higher than this time last month.

Analysts say the fall in fuel demand can be attributed to concerns about future interest rate hikes as well as the announcement from OPEC Plus to maintain their current production levels.

Last week, fuel economists predicted a rise in both diesel fuel and home heating oil as peak season approaches. So, while producers should enjoy this moment of relief, experts with Gas Buddy also recommend planning ahead — and trying to lock in prices for the rest of the harvest season before they tick back up again.

Agriculture Shows
From soil to harvest. Top Crop is an all-new series about four of the best farmers in the world—Dan Luepkes, of Oregan, Illinois; Cory Atley, of Cedarville, Ohio; Shelby Fite, of Jackson Center, Ohio; Russell Hedrick, of Hickory, North Carolina—reveals what it takes for them to make a profitable crop. It all starts with good soil, patience, and a strong planter setup.
Champions of Rural America is a half-hour dive into the legislative priorities for Rural America. Join us as we interview members of the Congressional Western Caucus to learn about efforts in Washington to preserve agriculture and tackles the most important topics in the ag industry on Champions of Rural America!
Farm Traveler is for people who want to connect with their food and those who grow it. Thanks to direct-to-consumer businesses, agritourism, and social media, it’s now easier than ever to learn how our food is made and support local farmers. Here on the Farm Traveler, we want to connect you with businesses offering direct-to-consumer products you can try at home, agritourism sites you can visit with your family, and exciting new technologies that are changing how your food is being grown.
Featuring members of Congress, federal and state officials, ag and food leaders, farmers, and roundtable panelists for debates and discussions.
Host Ben Bailey hops in the tractor cab, giving farmers 10 minutes to answer as many questions and grab as much cash as they can for their local FFA chapter.