Diesel prices continue to slide for third straight week

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

The average price of a gallon of on-highway diesel went down seven-tenths of a cent to $2.532 per gallon for the week ending Monday, March 27. This marks the third consecutive decrease after four straight weeks of increases and the lowest prices since Dec. 19 when diesel cost $2.527.

Diesel price averages went down in eight of 10 regions in the U.S., according to the Energy Information Administration. The largest average decrease was in the New England region, where prices at the pump went down by 2.9 cents per gallon. Prices increased by seven-tenths of a cent in the Rocky Mountain region, the largest increase in the nation.

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

  • U.S. – $2.532, down seven-tenths of a cent
  • East Coast – $2.586, down 1.4 cents
  • New England – $2.593, down 2.9 cents
  • Central Atlantic – $2.724, down 1.4 cents
  • Lower Atlantic – $2.487, down 1.1 cents
  • Midwest – $2.458, down six-tenths of a cent
  • Gulf Coast – $2.378, down two-tenths of a cent
  • Rocky Mountain – $2.597, up seven-tenths of a cent
  • West Coast – $2.822, down four-tenths of a cent
  • West Coast less California – $2.703, up one-tenth of a cent
  • California – $2.919, down nine-tenths of a cent

According to ProMiles, the average retail price at truck stops was $2.477 on Monday morning, a nine-tenths of a cent drop 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 $2.554, with truckers in Pennsylvania paying an average of $2.948 per gallon, the highest in the nation. Truckers in Missouri are paying a national low of $2.272 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. No states have reported 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 $2.503 for Monday, 40 cents more expensive than this time last year and 1.4 cents cheaper than a month ago.

In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for May delivery was trading at $47.70 at noon CDT on Monday, a 52-cent decrease from last Monday and a 16-cent increase from its last settlement price. The price of Brent crude oil for May settlement was listed at $50.72, a 90-cent decrease from last Monday and an 8-cent decrease from its last settlement price.

According to Reuters, oil prices continued a downward trend on Monday on doubts that OPEC countries will extend their production cut deal for another six months. Rising U.S. inventories have also put downward pressure on oil prices.

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