LAS VEGAS (KLAS) — According to a report from the fuel savings website GasBuddy, the national average price of diesel gas will drop below its price one year ago on Friday, with the platform crediting “deflation” for the dip below $3.99.
Patrick De Haan, head of petroleum analysis at GasBuddy, said the reasons for the price drop include a cooling economy due to raised interest rates from the Federal Reserve and reduced oil consumption.
AAA reports that as of Friday, diesel in Nevada averages $4.76 per gallon, up 58 cents on average from the same time in 2022.
In Feb. 2023, a gas pipeline shutdown halted the flow of both unleaded and diesel fuel into the Las Vegas valley, triggering a wave of panic buying and raising prices for Super Bowl weekend. Days later, the pipeline was fixed, and the state of emergency was ended in Nevada. Drivers remained skeptical that price gouging did not occur during the incident. The Nevada Attorney General’s Office had received eight complaints of price gouging as of Feb. 13.
“Coming out of winter, we’ll continue to see diesel prices decline,” said De Haan. “Barring an unexpected disruption or escalation in global events, diesel prices this summer could be $2 per gallon lower than last summer.”
The report listed Oklahoma, Texas, Kansas, Wisconsin, Missouri, Iowa, and Arkansas as the seven states averaging below $4 per gallon for diesel fuel.
According to GasBuddy, downward pressure on diesel fuel prices is expected to continue, even as gasoline prices are predicted to rise over the spring and summer months.
AAA reports prices for regular unleaded in the Las Vegas valley average $4.34 per gallon, up 22 cents from last year and sitting 91 cents higher than the national average.