June 20, 2024

A truck at a diesel pump

A truck at a diesel pump
Photo: Daniel Acker/Bloomberg (Getty Images)

Diesel prices are the lowest that they’ve been since Russia invaded Ukraine in early 2022.

Patrick De Haan, an online fuel price observer, noted the milestone in a post Thursday on the social media site X, calling it “big news for disinflation.” The Energy Information Administration says a gallon of the fuel goes for about $3.73 at the moment.

The website FleetOwner, looking at data from the Energy Information Administration, says that the decrease has spread across all regions of the U.S.

Crude oil prices are down about 10% since the start of April. In the United States, the drop in oil prices has helped keep gas prices from rising during the beginning of the summer driving season.

Tensions surrounding Israel’s invasion of the Gaza Strip, which threatens to more heavily involve oil power Iran, as well as Russia’s invasion of Ukraine have been on the minds of traders. So has economic uncertainty coming out of China. Ukraine and Russia have taken turns attacking one another’s energy infrastructure in a bid to gain advantage during their war over the last two years.

Some experts have cautioned that lower commodity prices are good for end-users but could signal broader economic difficulties on the horizon, MarketWatch reports.

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