Record-breaking week for diesel and oil prices

By Land Line staff | 10/14/2014

The average price of a gallon of on-highway diesel went down 3.5 cents from last week to $3.698 per gallon for the week ending Monday, Oct. 13. With the exception of no change in prices for the week ending Sept. 8, this will be the 13th 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 West Coast less California region, where prices at the pump went down by 5.3 cents per gallon. Prices went down 2.5 cents in the Gulf Coast region, which marks the smallest decrease in the nation.

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

  • U.S. – $3.698, down 3.5 cents
  • East Coast – $3.714, down 4.1 cents
  • New England – $3.815, down 3.3 cents
  • Central Atlantic – $3.784, down 4.6 cents
  • Lower Atlantic – $3.638, down 4.0 cents
  • Midwest – $3.636, down 3.4 cents
  • Gulf Coast – $3.637, down 2.5 cent
  • Rocky Mountain – $3.750, down 3.7 cents
  • West Coast – $3.891, down 4.2 cents
  • West Coast less California – $3.802, down 5.3 cents
  • California – $3.965, down 3.3 cents

ProMiles, the software company that maintains the websites and, 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 $3.639 on Monday morning, a 3.3 cent decrease from last week. listed the daily average price for Tuesday at $3.692, with truckers in Connecticut paying an average of $4.202 per gallon, the highest in the nation. Truckers in Missouri are paying a national low of $3.386 per gallon, according to the site. Connecticut is the only state of the Lower 48 states that is paying in excess of $4 per gallon at the pump, which is the fewest states this year to pay more than $4. Last week tied the previous record with four states paying more than $4 a gallon.

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 $85.74 on Monday afternoon, a $3.58 decrease from last Monday and an 8-cent decrease from its last trading price. The price of Brent crude oil for November settlement was listed at $88.89, a $2.57 decrease from last Monday and a $1.32 decrease from its last trading price.

According to Bloomberg, Brent prices are at a four-year low after the International Energy Agency announced that demand is expected to be at its slowest since 2009. WTI closed at its lowest point since December 2012. AAA has indexed diesel prices at $3.672 for Tuesday, 20.3 cents cheaper than this time last year and 11.2 cents lower than a month ago.

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