Average diesel prices make minimal gains

By Tyson Fisher, Land Line staff writer | Monday, February 27, 2017

The average price of a gallon of on-highway diesel went up five-tenths of a cent to $2.577 per gallon for the week ending Monday, Feb. 27. This marks the third consecutive increase after four straight weeks of decreases.

Diesel price averages went up in seven of 10 regions in the U.S., according to the Energy Information Administration. The largest average increase was in the Rocky Mountain region, where prices at the pump went up by 3.4 cents per gallon. Prices decreased by four-tenths of a cent in the California region, the only decrease in the nation.

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

  • U.S. – $2.577, up five-tenths of a cent
  • East Coast – $2.635, up seven-tenths of a cent
  • New England – $2.658, unchanged
  • Central Atlantic – $2.772, up two-tenths of a cent
  • Lower Atlantic – $2.533, up 1.2 cents
  • Midwest – $2.499, up four-tenths of a cent
  • Gulf Coast – $2.433, unchanged
  • Rocky Mountain – $2.582, up 3.4 cents
  • West Coast – $2.877, up one-tenth of a cent
  • West Coast less California – $2.772, up five-tenths of a cent
  • California – $2.962, down four-tenths of a cent

According to ProMiles, the average retail price at truck stops was $2.524 on Monday morning, a 1.7-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 $2.609, with truckers in Rhode Island paying an average of $3.039 per gallon, the highest in the nation. Truckers in Missouri are paying a national low of $2.313 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. Only two states, Rhode Island and Connecticut, have average prices above $3, unchanged from last week. No states have reported average diesel prices below $2 since April 27, 2016.

AAA has indexed diesel prices at $2.517 for Monday, 54.1 cents more expensive than this time last year and the same price as a month ago.

In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for April delivery was trading at $54.19 at noon CDT on Monday, a 13-cent increase from last Tuesday and a 20-cent increase from its last settlement price. The price of Brent crude oil for April settlement was listed at $56.13, a 53-cent decrease from last Tuesday and a 14-cent increase from its last settlement price.

According to Reuters, oil prices went up slightly in the early part of Monday’s trading as investors believe prices will continue to increase. Monday’s increase was limited due to speculation of more growth in U.S. oil production, a consistent theme throughout last week’s trading.

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