Return to lower diesel prices, lowest in more than a month

By Tyson Fisher, Land Line staff writer | Tuesday, October 10, 2017

The average price of a gallon of on-highway diesel went down 1.4 cents to $2.776 per gallon for the week ending Monday, Oct. 9. This marks the first decrease after a short-lived increase last week and the lowest prices since Sept. 5, when diesel averaged at $2.758

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 Lower Atlantic region, where prices at the pump went down by 3.6 cents per gallon. Prices went down four-tenths of a cent in the Rocky Mountain region, the smallest decrease in the nation.

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

  • U.S. – $2.776, down 1.6 cents
  • East Coast – $2.793, down 2.6 cents
  • New England – $2.751, down 1.6 cents
  • Central Atlantic – $2.919, down 1.5 cents
  • Lower Atlantic – $2.712, down 3.6 cents
  • Midwest – $2.738, down nine-tenths of a cent
  • Gulf Coast – $2.599, down 1.6 cents
  • Rocky Mountain – $2.856, down four-tenths of a cent
  • West Coast – $3.088, down 2.1 cents
  • West Coast less California – $2.993, down 2.5 cents
  • California – $3.166, down 1.6 cents

According to ProMiles, the average retail price at truck stops was $2.737 on Monday morning, a 2.4-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 $2.789, with truckers in Pennsylvania paying an average of $3.221 per gallon, the highest in the nation. Truckers in Oklahoma are paying a national low of $2.554 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. Five states are reporting average prices above $3, two fewer than last week. No states have reported average diesel prices below $2 since April 27, 2016.

AAA has indexed diesel prices at $2.728 for Tuesday, 33 cents more expensive than this time last year and 1.7 cents higher than a month ago.

In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for November delivery was trading at $50.97 at noon CDT on Tuesday, a 55-cent increase from last Tuesday and a $1.39 increase from its last settlement price. The price of Brent crude oil for December settlement was listed at $56.78, a 78-cent decrease from last Tuesday and a 99-cent increase from its last settlement price.

According to Reuters, Tuesday’s oil price increase could be attributed to Saudi Arabia reducing November allocations by 560,000 barrels per day and an OPEC statement suggesting the market is finally rebalancing after a multi-year supply glut.

 

 

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