Diesel prices lower as consumer demand slows

Photo: Elevated gas and diesel prices during the summer of 2022. Photo by Brent Barnett/Brownfield

A fuel economist says the diesel market has significantly recovered from a record spike in prices that developed during the summer of 2022.

GasBuddy’s Patrick De Haan says consumer demand has slowed. “Interest rates are elevated, which is cooling the economy off,” he said. “That’s helping to cool off diesel prices as well. In addition, Russia’s war in Ukraine has faded into the rearview, though it continues, and the risk has certainly declined over time.”

He tells Brownfield prices across the Midwest are currently around $3.59 per gallon, much lower than the mid-$5 range that occurred a few years ago.

AUDIO: GasBuddy’s Patrick De Haan

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