As of May 11, average diesel prices have dropped below gasoline prices for the first time since July 23, 2007, according to a report from the Energy Information Administration.
Gasoline and diesel prices traditionally crossed paths in springtime as the high-demand summer driving season begins and the consumption rate for gasoline grows while distillate fuel prices, including diesel and heating oil, fall from their winter highs. This price pattern began to break in 2005 when diesel prices exceeded gasoline prices nearly the entire year, according to the EIA report.
The abnormal price actions continued in 2006, when gasoline and diesel prices remained at parity from April to July. The pattern returned in 2007, with gasoline rising strongly above diesel from late April to late July. But last year, diesel climbed to much higher levels than gasoline, despite gasoline breaking $4 gal.