Average diesel prices hit six-month high

By Land Line staff | 5/31/2016

The average price of a gallon of on-highway diesel increased 2.5 cents from last week to $2.382 per gallon for the week ending Monday, May 30. This marks the eighth consecutive weekly increase after a short-lived one-week decrease and the highest national average since Nov. 30, 2015, when diesel prices were $2.421.

Diesel price averages went up in all 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 rose by 6.3 cents per gallon. Prices were up 1.4 cents in the Lower Atlantic region, the smallest increase in the nation.

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

  • U.S. – $2.382, up 2.5 cents
  • East Coast – $2.405, up 2.6 cents
  • New England – $2.442, up 3.1 cents
  • Central Atlantic – $2.505, up 4.1 cents
  • Lower Atlantic – $2.322, up 1.4 cents
  • Midwest – $2.342, up 1.7 cents
  • Gulf Coast – $2.254, up 2.1 cents
  • Rocky Mountain – $2.375, up 1.7 cents
  • West Coast – $2.650, up 5.3 cents
  • West Coast less California – $2.565, up 6.3 cents
  • California – $2.718, up 4.5 cents

According to ProMiles, the average retail price at truck stops was $2.357 on Monday morning, a 1.8-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 Tuesday at $2.425, with truckers in Rhode Island paying an average of $2.819 per gallon, the highest in the nation. Truckers in Oklahoma are paying a national low of $2.176 per gallon, according to the site. No states in the Lower 48 states have been listed in excess of $4 per gallon at the pump since Dec. 4, 2014. All 48 states in the contiguous U.S. have average prices below $3. For the fifth consecutive week, no states are reporting average diesel prices below $2.

In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for July delivery was trading at $49.90 at noon CDT on Tuesday, a $1.82 increase from last Monday and a 57-cent increase from its last settlement price. The price of Brent crude oil for July settlement was listed at $49.96, a $1.61 increase from last Monday and a 64-cent increase from its last settlement price.

Reuters reports Tuesday’s increase was in preparation for the summer season, typically peak driving season in the United States. May is poised to be the fourth consecutive month of oil price increases. AAA has indexed diesel prices at $2.323 for Tuesday, 56 cents cheaper than this time last year and 13.5 cents higher than a month ago.

Copyright © OOIDA