Average diesel prices continue to move upward

By Land Line staff | 8/29/2016

The average price of a gallon of on-highway diesel went up 3.9 cents to $2.409 per gallon for the week ending Monday, Aug. 29. This marks the second consecutive increase after nine weeks of declining or stagnant prices. The latest increase brings the national average to its highest since July 11 when diesel was $2.414.

Diesel price averages went up in all 10 regions in the U.S., according to the Energy Information Administration. The largest average increase was in the West Coast less California region, where prices at the pump rose by 5.7 cents per gallon. Prices were up 1.8 cents in the California region, the smallest increase in the nation.

Following are the average prices by region as reported by the EIA:

  • U.S. – $2.409, up 3.9 cents
  • East Coast – $2.410, up 4.3 cents
  • New England – $2.423, up 3.2 cents
  • Central Atlantic – $2.496, up 3.9 cents
  • Lower Atlantic – $2.341, up 4.7 cents
  • Midwest – $2.391, up 4.9 cents
  • Gulf Coast – $2.269, up 2.0 cents
  • Rocky Mountain – $2.476, up 4.1 cents
  • West Coast – $2.658, up 3.5 cents
  • West Coast less California – $2.555, up 5.7 cents
  • California – $2.741, up 1.8 cents

According to ProMiles, the average retail price at truck stops was $2.373 on Monday morning, a 4.1-cent increase from last week.

ProMiles, the software company that maintains the websites ProMiles.com and TruckMiles.com, continues to offer its own weekly fuel price information. The company’s fuel price data are presented in the same format used by the EIA in the agency’s weekly reports. The prices include a national average as well as regional averages, and comparisons to the previous week and the previous year.

A key difference between the EIA and ProMiles reporting is the type and number of fueling stations the company surveys in order to calculate its averages. While EIA surveys 400 truck stops and convenience stores nationwide, ProMiles uses its direct feed from thousands of truck stops to develop its averages.

TruckMiles.com listed the daily average price for Monday at $2.444, with truckers in Washington state paying an average of $2.761 per gallon, the highest in the nation. Truckers in New Jersey are paying a national low of $2.195 per gallon, according to the site. No states in the Lower 48 states have been listed in excess of $4 per gallon at the pump since Dec. 4, 2014. All 48 states in the contiguous U.S. have average prices below $3. For the 18th consecutive week, no states are reporting average diesel prices below $2.

In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for October delivery was trading at $46.87 at noon CDT on Monday, an 18-cent decrease from last Monday and a 77-cent decrease from its last settlement price. The price of Brent crude oil for October settlement was listed at $49.18, a 2-cent increase from last Monday and a 74-cent decrease from its last settlement price.

Reuters reports increased output in the Middle East, a stronger dollar and a possible U.S. rate hike by the end of the year all led to Monday’s 2 percent decrease as of noon CDT. AAA has indexed diesel prices at $2.363 for Monday, 21 cents cheaper than this time last year and 3.7 cents higher than a month ago.

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