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Diesel down sharply from ’22 record prices

A fuel economist says diesel prices have dropped to their lowest levels since Russia invaded Ukraine in early 2022.

Patrick De Haan with GasBuddy says prices are down nearly $2 per gallon year-over-year. “Part of the reason why diesel prices have plummeted so substantially,” he said, “is that demand for diesel has cratered compared to last year.”  

Northwest Iowa farmer Kelly Nieuwenhuis says the farm economy is getting some relief. “We’re delivering corn to the ethanol plants right now and $3 diesel feels a lot better than $5,” he said. “It doesn’t take as many dollars to fill the tank.”

He tells Brownfield he’s hopeful prices will continue to decline later this fall. “We’ve reduced tillage a lot over the last several years,” Nieuwenhuis said. “I think the last time I figured we used about a total of five gallons per acre.”

AAA says diesel prices hit an all-time record high last summer, just shy of $6 per gallon.