Diesel prices continue to slide, hit record lows

By Land Line staff | 8/25/2014

The average price of a gallon of on-highway diesel decreased 1.4 cents to $3.821 per gallon for the week ending Monday, Aug. 25. This marks the sixth consecutive week of diesel prices hitting the low for the year.

Diesel price averages went down in nine of 10 regions in the U.S., according to the Energy Information Administration. The largest average decrease was in the Central Atlantic region, where prices at the pump went down by 2.5 cents per gallon. Prices went up four-tenths of a cent in the Rocky Mountain region, the only increase in the nation.

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

  • U.S. – $3.821, down 1.4 cents
  • East Coast – $3.855, down 2 cents
  • New England – $3.955, down 1.6 cents
  • Central Atlantic – $3.935, down 2.5 cents
  • Lower Atlantic – $3.771, down 1.7 cents
  • Midwest – $3.763, down 1.7 cents
  • Gulf Coast – $3.732, down seven-tenths of a cent
  • Rocky Mountain – $3.875, up four-tenths of a cent
  • West Coast – $4.010, down five-tenths of a cent
  • West Coast less California – $3.921, down nine-tenths of a cent
  • California – $4.084, down two-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 $3.754 on Monday morning, a 1.2 cent decrease from last week.

TruckMiles.com listed the daily average price for Monday at $3.817, with truckers in Connecticut paying an average of $4.242 per gallon, the highest in the nation. Truckers in Missouri are paying a national low of $3.571 per gallon, according to the site. Truckers in six 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 October delivery was trading at $93.20 on Monday afternoon, a $2.76 decrease from last Monday and a 45 cent decrease from its last trading price. The price of Brent crude oil for September settlement was listed at $102.16, a 77 cent increase from last Monday and a 13 cent decrease from its last trading price.

According to Bloomberg, the volatile prices for Brent are a result of conflict with Islamic State in Iraq and other parts of the Middle East. Tensions have steered clear of the major oil producing regions of Iraq, maintaining relatively low prices for Brent. AAA has indexed diesel prices at $3.805 for Monday, 7.8 cents cheaper than this time last year and 4.8 cents lower than a month ago.

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