Average diesel prices dip below $3

By Land Line staff | 1/20/2015

The average price of a gallon of on-highway diesel dropped 12.0 cents from last week to $2.933 per gallon for the week ending Tuesday, Jan. 20.

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 West Coast less California region, where prices at the pump went down by 15.2 cents per gallon. Prices went down 8.5 cents in the California region, the smallest decrease in the nation.

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

  • U.S. – $2.933, down 12.0 cents
  • East Coast – $3.018, down 11.6 cents
  • New England – $3.072, down 12.3 cents
  • Central Atlantic – $3.131, down 10.8 cents
  • Lower Atlantic – $2.918, down 12.1 cents
  • Midwest – $2.889, down 12.1 cents
  • Gulf Coast – $2.843, down 12.1 cents
  • Rocky Mountain – $2.884, down 14.3 cents
  • West Coast – $3.011, down 11.5 cents
  • West Coast less California – $2.826, down 15.2 cents
  • California – $3.165, down 8.5 cents

According to ProMiles, the average retail price at truck stops was $2.911 on Monday morning, a 10.0 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 Tuesday at $2.953, with truckers in Rhode Island paying an average of $3.583 per gallon, the highest in the nation. Truckers in Oregon are paying a national low of $2.582 per gallon, according to the site. For the seventh consecutive week, no states in the Lower 48 states are listed in excess of $4 per gallon at the pump. There are 33 states with prices below $3, nearly twice as many from last week.

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 $46.75 on Tuesday at noon CST, a 48-cent increase from last Monday and a $1.94 decrease from its last trading price. The price of Brent crude oil for March settlement was listed at $48.53, a 96-cent increase from last Monday and a $1.64 decrease from its last trading price.

According to Bloomberg, oil prices dropped amidst news that Iraq will increase production. Iraq has the world’s fifth-largest crude reserves. Meanwhile, Iran Oil Minister Bijan Namdar Zanganeh noted that Iran is strong enough to withstand prices as low as $25 a barrel, suggesting no intent to alleviate the issue of falling prices. AAA has indexed diesel prices at $2.893 for Tuesday, nearly one dollar cheaper than this time last year and 40.4 cents lower than a month ago.

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