After five weeks of increases, diesel prices go down slightly

By Tyson Fisher, Land Line staff writer | Monday, November 20, 2017

The average price of a gallon of on-highway diesel went down three-tenths of a cent to $2.912 per gallon for the week ending Monday, Nov. 20. This marks the first decrease after five consecutive weeks of increases.

Diesel prices went down in six of 10 regions in the United States, 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 1.3 cents per gallon. Prices went up 3.7 cents in the Central Atlantic region, the largest increase in the nation.

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

  • U.S. – $2.912, down three-tenths of a cent
  • East Coast – $2.896, up 1.2 cents
  • New England – $2.862, up 1.2 cents
  • Central Atlantic – $3.055, up 3.7 cents
  • Lower Atlantic – $2.789, down six-tenths of a cent
  • Midwest – $2.873, down 1.1 cents
  • Gulf Coast – $2.689, down eight-tenths of a cent
  • Rocky Mountain – $3.003, up 1.1 cents
  • West Coast – $3.378, down 1.2 cents
  • West Coast less California – $3.107, down 1.3 cents
  • California – $3.599, down 1.1 cents

According to ProMiles, the average retail price at truck stops was $2.865 on Monday morning, an eight-tenths of a 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 $2.924, with truckers in California paying an average of $3.621 per gallon, the highest in the nation. Truckers in Mississippi are paying a national low of $2.652 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. Twelve 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 $2.836 for Monday, 44.9 cents more expensive than this time last year and 10.7 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 December delivery was trading at $55.96 at noon CDT on Monday, an 80-cent decrease from last Monday and a 59-cent decrease from its last settlement price. The price of Brent crude oil for January settlement was listed at $61.92, a $1.24 decrease from last Monday and an 80-cent decrease from its last settlement price.

According to Reuters, oil prices dipped lower as the dollar strengthened and ahead of OPEC’s meeting next week to extend the production cut deal. The deal expires in March, and the extension would keep the deal in place for the remainder of the year. Oil prices move opposite of the dollar as it is traded in the dollar, making oil more expensive whenever the dollar strengthens.

 

 

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