Average diesel prices drop 4.0 cents

| 3/30/2015

The average price of a gallon of on-highway diesel went down by 4 cents from last week to $2.824 per gallon for the week ending Monday, March 30. This marks the second consecutive week of declining prices after more than a month of increases.

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 5.7 cents per gallon. Prices went down by 2.2 cents in the Lower Atlantic region, the smallest decrease in the nation.

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

  • U.S. – $2.824, down 4.0 cents
  • East Coast – $2.992, down 3.5 cents
  • New England – $3.164, down 3.6 cents
  • Central Atlantic – $3.179, down 5.2 cents
  • Lower Atlantic – $2.815, down 2.2 cents
  • Midwest – $2.727, down 4.1 cents
  • Gulf Coast – $2.675, down 4.0 cents
  • Rocky Mountain – $2.743, down 2.4 cents
  • West Coast – $2.945, down 5.6 cents
  • West Coast less California – $2.758, down 5.7 cents
  • California – $3.096, down 5.6 cents

According to ProMiles, the average retail price at truck stops was $2.742 on Monday morning, a 4.9 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 $2.824, with truckers in Connecticut paying an average of $3.487 per gallon, the highest in the nation. Truckers in Oklahoma are paying a national low of $2.493 per gallon, according to the site. For the 17th consecutive week, no states in the Lower 48 states are listed in excess of $4 per gallon at the pump. There are 37 states with prices below $3, one more than last week.

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 $48.33 on Monday at noon CST, a 58-cent increase from last Monday and a 54-cent decrease from its last trading price. The price of Brent crude oil for May settlement was listed at $55.57, a 35-cent decrease from last Monday and an 84-cent decrease from its last trading price.

According to Bloomberg, oil prices are declining while a deal is being worked out for Iran’s nuclear program. Potential negotiations could lead to Iran exporting more oil, adding to the surplus that has already led to ultra-low prices.  AAA has indexed diesel prices at $2.838 for Monday, $1.137 cheaper than this time last year and 6.1 cents cheaper from a month ago.

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