Diesel prices continue to decline after record-low week

By Land Line staff | 8/11/2014

The average price of a gallon of on-highway diesel decreased 1 cent to $3.843 per gallon for the week ending Monday, Aug. 11. This replaces last week’s benchmark of lowest prices for the year.

Diesel price averages went down in eight of 10 regions in the U.S., according to the Energy Information Administration. The largest average decrease came in the New England region, where prices at the pump went down by 3.7 cents per gallon. Prices went up five-tenths of a cent in the West Coast less California region, the only increase in the nation.

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

  • U.S. – $3.843, down 1 cent
  • East Coast – $3.887, down 1.9 cents
  • New England – $3.982, down 3.7 cents
  • Central Atlantic – $3.974, down 1.5 cents
  • Lower Atlantic – $3.800, down 1.7 cents
  • Midwest – $3.787, down 1.1 cents
  • Gulf Coast – $3.750, down four-tenths of a cent
  • Rocky Mountain – $3.876, down one-tenth of a cent
  • West Coast – $4.016, no change
  • West Coast less California – $3.935, up five-tenths of a cent
  • California – $4.084, down three-tenths of a cent

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.

According to ProMiles, the average retail price at truck stops was $3.775 on Monday morning, a 1.2 cent decrease from last week.

TruckMiles.com listed the daily average price for Monday at $3.838, with truckers in Connecticut paying an average of $4.323 per gallon, the highest in the nation. Truckers in Missouri are paying a national low of $3.580 per gallon, according to the site. Truckers in five of the Lower 48 states are paying in excess of $4 per gallon at the pump.

In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for September delivery was trading at $97.88 on Monday afternoon, a 36-cent decrease from last Monday and a 23-cent increase from its last trading price. The price of Brent crude oil for September settlement was listed at $104.85, a 54-cent decrease from last Monday and a 17-cent decrease from its last trading price.

According to Bloomberg, the recent price increase for WTI is the result of lower U.S. crude inventories. AAA has indexed diesel prices at $3.824 for Monday, 5.1 cents cheaper than this time last year and 6.6 cents lower than a month ago.

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