How much will diesel cost in 2021?

U.S. diesel fuel prices averaged $3.29/gal in 2021, compared with $2.56/gal in 2020, and we forecast diesel prices will average $3.33/gal in 2022 and $3.27/gal in 2023. The natural gas spot price at Henry Hub averaged $3.91 per million British thermal units (MMBtu) in 2021.

How much does diesel cost per gallon?

The retail price at the pump also includes federal, state, and local taxes. The federal excise tax for on-highway diesel fuel is 24.30 cents per gallon, and the federal Leaking Underground Storage Tank fee is 0.1 cents per gallon. As of July 1, 2022, the average for total state taxes and fees for on-highway diesel fuel was 33.45 cents per gallon.

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?