Diesel prices hit three consecutive months of decline

By Land Line staff | 10/6/2014

The average price of a gallon of on-highway diesel went down 2.2 cents from last week to $3.733 per gallon for the week ending Monday, Oct. 6. With the exception of the week ending Sept. 8 when there was no change in prices, this will be the 12th consecutive week of declining prices setting a record low 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 New England region, where prices at the pump went down by 3.2 cents per gallon. Prices went down nine-tenths of a cent in the California region, the smallest decrease in the nation.

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

  • U.S. – $3.733, down 2.2 cents
  • East Coast – $3.755, down 2.3 cents
  • New England – $3.848, down 3.2 cents
  • Central Atlantic – $3.830, down 2.7 cents
  • Lower Atlantic – $3.678, down 1.6 cents
  • Midwest – $3.670, down 2.4 cents
  • Gulf Coast – $3.662, down 2.3 cent
  • Rocky Mountain – $3.787, down 1.9 cents
  • West Coast – $3.933, down 1.5 cents
  • West Coast less California – $3.855, down 2.1 cents
  • California – $3.998, down nine-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 $3.672 on Monday morning, a 1.8 cent decrease from last week.

TruckMiles.com listed the daily average price for Monday at $3.738, with truckers in Connecticut paying an average of $4.211 per gallon, the highest in the nation. Truckers in Missouri are paying a national low of $3.433 per gallon, according to the site. Truckers in four of the Lower 48 states are paying in excess of $4 per gallon at the pump, the fewest states this year to pay more than $4.

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 $89.32 on Monday afternoon, a $3.42 decrease from last Monday and a 42-cent decrease from its last trading price. The price of Brent crude oil for November settlement was listed at $91.46, a $4.81 decrease from last Monday and an 85-cent decrease from its last trading price. The $2.14 gap between Brent and WTI is the narrowest to start the week this year, surpassing last week’s record gap of $3.53.

According to Bloomberg, Brent’s recent price, a 27-month low, is in reaction to global production growth outperforming demand. AAA has indexed diesel prices at $3.715 for Tuesday, 17 cents cheaper than this time last year and 8.4 cents lower than a month ago.

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