Average diesel price drop slowing down

By Land Line staff | 2/2/2015

The average price of a gallon of on-highway diesel dropped 3.5 cents from last week to $2.831 per gallon for the week ending Monday, Feb. 2.

Diesel price averages went down in 9 of 10 regions in the U.S., according to the Energy Information Administration. The largest average decrease was in the California region, where prices at the pump went down by 6.3 cents per gallon. Prices went up a penny in the New England region, the only increase in the nation.

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

  • U.S. – $2.831, down 3.5 cents
  • East Coast – $2.932, down 3.5 cents
  • New England – $3.028, up 1.0 cents
  • Central Atlantic – $3.041, down 3.7 cents
  • Lower Atlantic – $2.826, down 4.4 cents
  • Midwest – $2.765, down 3.9 cents
  • Gulf Coast – $2.769, down 1.7 cents
  • Rocky Mountain – $2.783, down 2.9 cents
  • West Coast – $2.886, down 5.6 cents
  • West Coast less California – $2.716, down 4.7 cents
  • California – $3.027, down 6.3 cents

According to ProMiles, the average retail price at truck stops was $2.764 on Monday morning, a 4.6 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 $2.827, with truckers in Rhode Island paying an average of $3.479 per gallon, the highest in the nation. Truckers in Oregon are paying a national low of $2.444 per gallon, according to the site. For the ninth consecutive week, no states in the Lower 48 states are listed in excess of $4 per gallon at the pump. There are 39 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 March delivery was trading at $49.19 on Monday at noon CST, a $4.04 increase from last Monday and a 95-cent increase from its last trading price. The price of Brent crude oil for March settlement was listed at $54.05, a $5.89 increase from last Monday and a $1.06 increase from its last trading price.

According to Bloomberg, the price increase comes amid hedge funds and others holding the largest number of short contracts in WTI in four years. Simultaneously, oil workers are striking at plants that account for 10 percent of U.S. refining capacity, the largest strike since 1980. AAA has indexed diesel prices at $2.797 for Monday, $1.107 cheaper than this time last year and 33.1 cents lower than a month ago.

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