Diesel prices back down, setting new record low for 2014

By Land Line staff | 9/15/2014

The average price of a gallon of on-highway diesel went down 1.3 cents from last week to $3.801 per gallon for the week ending Monday, Sept. 15. After a week of no change in prices, this week resets the trend of setting record lows for the year.

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 Central Atlantic region, where prices at the pump went down by 2.3 cents per gallon. Prices went down eight-tenths of a cent in the Midwest region, the smallest decrease in the nation.

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

  • U.S. – $3.801, down 1.3 cents
  • East Coast – $3.825, down 1.9 cents
  • New England – $3.911, down 2.2 cents
  • Central Atlantic – $3.905, down 2.3 cents
  • Lower Atlantic – $3.744, down 1.6 cents
  • Midwest – $3.743, down eight-tenths of a cent
  • Gulf Coast – $3.706, down nine-tenths of a cent
  • Rocky Mountain – $3.858, down 1.1 cents
  • West Coast – $4.019, down 1.5 cents
  • West Coast less California – $3.967, down 1.2 cents
  • California – $4.062, down 1.7 cents

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 $3.734 on Monday morning, a 1.5 cent decrease from last week.

TruckMiles.com listed the daily average price for Monday at $3.798, with truckers in Connecticut paying an average of $4.271 per gallon, the highest in the nation. Truckers in Missouri are paying a national low of $3.533 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, tied for fewest states this year to pay more than $4. The weeks of Aug. 4 and Aug. 11 also had five states paying above $4 per gallon.

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 $90.63 on Monday afternoon, a $1.71 decrease from last Monday and a $1.64 decrease from its last trading price. The price of Brent crude oil for October settlement was listed at $96.21, a $3.81 decrease from last Monday and a 90-cent decrease from its last trading price and the lowest price in two years.

According to Bloomberg, the $96.21 price tag for Brent is the lowest since July 2, 2012. WTI hit its lowest Monday trading price for the year. AAA has indexed diesel prices at $3.780 for Monday, 16.2 cents cheaper than this time last year and 4.3 cents lower than a month ago.

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