Fuel Price Report 8/2/2021

Resume play. Last week fuel prices dipped ever so slightly for the first time in 10 weeks, but this week’s price movement made up for the pause. This week’s national average price of diesel fuel per gallon increased by $.025/gallon of diesel fuel according to the U.S. Energy Information Administration. The largest and smallest increases from last week’s prices can be seen in California at +$.067/gal and the New England region (PADD1A) at +$.003/gal respectively. This week’s national average per gallon fuel cost is $3.367/gal, which is up $.943/gal since this time last year and is the highest national average per gallon fuel cost in 147 weeks ($3.394/gal Oct. 15, 2018).

Looking at the 208 weeks former President Donald Trump was in office, this week’s prices alone would be the 3rd highest fuel cost in that 4 year span. It only took current President Joe Biden’s administration 195 days to accomplish this, and, at the average rate of increase in national average cost per gallon of diesel fuel since President Joe Biden has been in office (+$.02325/gal of diesel fuel per week), the current administration would secure the top spot on the aforementioned list by August 17, 2021.

Nolan Grush, CTB Carrier Relations Specialist