How much does a gallon of diesel cost in 2022?

The prices for gas and diesel fuel, over $6.00 a gallon, are displayed at a petrol station in Los Angeles, March 2, 2022. Diesel prices are surging, contributing to inflationary headwinds due to the fuel’s vital role in the American and global economy. Tankers, trains and trucks all run on diesel.

What factors affect diesel fuel prices?

Local market conditions and factors such as the location of the fueling station can also affect retail diesel fuel prices. Some retail outlets are owned and operated by refiners, and others are independent businesses that purchase diesel fuel for resale to the public. Why are diesel fuel prices higher than gasoline prices?

Why is diesel more expensive than gasoline?

Since September 2004, the price of diesel has been generally higher than the price of regular-grade gasoline throughout the year, for several reasons. Worldwide demand for diesel and other distillate fuel oils steadily increased, with strong demand in China, Europe, and the United States.

Will gasoline prices continue to decline in 2022?

In 2022, EIA expects recently reduced retail gasoline prices to continue to decline as demand growth slows. It estimates that annual average motor gasoline consumption, which fell by an estimated 1.2 million bpd in 2020, increased by 0.7 million bpd in 2021.