Diesel prices still dropping

By Land Line staff | 10/27/2014

The average price of a gallon of on-highway diesel went down 2.1 cents from last week to $3.635 per gallon for the week ending Monday, Oct. 27. With the exception of no change in prices for the week ending Sept. 8, this will be the 17th consecutive week of declining prices setting a record low for the year.

Diesel price averages went down in 9 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 4.4 cents per gallon. Prices went up five-tenths of a cent in the Midwest region, the only increase in the nation.

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

  • U.S. – $3.635, down 2.1 cents
  • East Coast – $3.627, down 3.8 cents
  • New England – $3.724, down 2.7 cents
  • Central Atlantic – $3.693, down 4.4 cents
  • Lower Atlantic – $3.555, down 3.5 cents
  • Midwest – $3.611, up five-tenths of a cent
  • Gulf Coast – $3.563, down 2.6 cent
  • Rocky Mountain – $3.714, down 2.4 cents
  • West Coast – $3.799, down 3.6 cents
  • West Coast less California – $3.706, down 3.6 cents
  • California – $3.876, down 3.7 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 $3.586 on Monday morning, a 1.5 cent decrease from last week.

TruckMiles.com listed the daily average price for Monday at $3.650, with truckers in Connecticut paying an average of $4.084 per gallon, the highest in the nation. Truckers in Virginia are paying a national low of $3.385 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, 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 December delivery was trading at $79.44 on Monday afternoon, a $3.14 decrease from last Monday and a $1.57 decrease from its last trading price. The price of Brent crude oil for December settlement was listed at $84.63, a $1.04 decrease from last Monday and a $1.50 decrease from its last trading price.

According to Bloomberg, WTI prices have reached its lowest in more than two years. The U.S. is producing oil at its fastest rate in almost 30 years, whereas Russia is pumping at a level that is close to a post-Soviet record. AAA has indexed diesel prices at $3.612 for Monday, 24.8 cents cheaper than this time last year and 13.2 cents lower than a month ago. According to AAA, gas prices are at its lowest in nearly four years.

Copyright © OOIDA