Diesel prices continue to decline; oil prices at five-year low

By Land Line staff | 12/29/2014

The average price of a gallon of on-highway diesel dropped 6.8 cents from last week to $3.213 per gallon for the week ending Monday, Dec. 22.

Diesel price averages went down in all 10 regions in the U.S., according to the Energy Information Administration. The largest average decrease was in the Rocky Mountain region, where prices at the pump went down by 9.9 cents per gallon. Prices went down 4.2 cents in the Central Atlantic region, the smallest decrease in the nation.

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

  • U.S. – $3.213, down 6.8 cents
  • East Coast – $3.257, down 5.3 cents
  • New England – $3.365, down 6.0 cents
  • Central Atlantic – $3.350, down 4.2 cents
  • Lower Atlantic – $3.161, down 6.2 cents
  • Midwest – $3.206, down 8.8 cents
  • Gulf Coast – $3.121, down 5.4 cents
  • Rocky Mountain – $3.239, down 9.9 cents
  • West Coast – $3.269, down 6.1 cents
  • West Coast less California – $3.155, down 7.3 cents
  • California – $3.364, down 5.1 cents

According to ProMiles, the average retail price at truck stops was $3.173 on Monday morning, a 14.8 cent decrease 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 $3.245, with truckers in Rhode Island paying an average of $3.779 per gallon, the highest in the nation. Truckers in Missouri are paying a national low of $2.907 per gallon, according to the site. For the fourth consecutive week, no states in the Lower 48 states are listed in excess of $4 per gallon at the pump. There are four states with prices below $3.

In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for February delivery was trading at $53.59 on Monday at 2:00 p.m. CST, a $1.67 decrease from last Monday and a $1.14 decrease from its last trading price. The price of Brent crude oil for February settlement was listed at $57.99, a $2.12 decrease from last Monday and a $1.46 decrease from its last trading price.

According to Bloomberg, oil prices have fallen to a five-year low. AAA has indexed diesel prices at $3.179 for Monday, 68.5 cents cheaper than this time last year and 39.3 cents lower than a month ago.

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