Diesel prices go up first time in three months

By Land Line staff | 2/9/2015

The average price of a gallon of on-highway diesel went up slightly by four-tenths of a cent from last week to $2.835 per gallon for the week ending Monday, Feb. 9. This marks the first weekly increase since Nov. 10.

Diesel price averages went up in 6 of 10 regions in the U.S., according to the Energy Information Administration. The largest average increase was in the West Coast less California region, where prices at the pump went up by 4.0 cents per gallon. Prices went down eight-tenths of a cent in the Gulf Coast region, the largest decrease in the nation.

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

  • U.S. – $2.835, up four-tenths of a cent
  • East Coast – $2.930, down two-tenths of a cent
  • New England – $3.039, up 1.1 cents
  • Central Atlantic – $3.042, up one-tenth of a cent
  • Lower Atlantic – $2.822, down four-tenths of a cent
  • Midwest – $2.769, up four-tenths of a cent
  • Gulf Coast – $2.761, down eight-tenths of a cent
  • Rocky Mountain – $2.776, down seven-tenths of a cent
  • West Coast – $2.924, up 3.8 cents
  • West Coast less California – $2.756, up 4.0 cents
  • California – $3.061, up 3.4 cents

According to ProMiles, the average retail price at truck stops was $2.773 on Monday morning, a nine-tenths of a 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 $2.839, with truckers in Rhode Island paying an average of $3.459 per gallon, the highest in the nation. Truckers in Oregon are paying a national low of $2.453 per gallon, according to the site. For the tenth consecutive week, no states in the Lower 48 states are listed in excess of $4 per gallon at the pump. There are 38 states with prices below $3, one fewer than last week as prices are slowly climbing.

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 $52.99 on Monday at noon CST, a $3.42 increase from last Monday and a $1.30 increase from its last trading price. The price of Brent crude oil for March settlement was listed at $58.41, a $3.66 increase from last Monday and a 61-cent increase from its last trading price.

According to Bloomberg, a recent report by Citigroup referred to the current price increases as a “head-fake.” In the report, Citigroup mentioned that oil can go as low as $20 a barrel. AAA has indexed diesel prices at $2.804 for Monday, $1.128 cheaper than this time last year and 23.6 cents lower than a month ago.

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