The average price of a gallon of on-highway diesel went down 1.2 cents from last week to $3.623 per gallon for the week ending Monday, Nov. 3. With the exception of no change in prices for the week ending Sept. 8, this will be the 18th 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 3.8 cents per gallon. Prices went up 1.3 cents in the Midwest region, the only increase in the nation.
Following are the average prices by region as reported by the EIA:
- U.S. – $3.623, down 1.2 cents
- East Coast – $3.597, down 3.0 cents
- New England – $3.687, down 3.7 cents
- Central Atlantic – $3.655, down 3.8 cents
- Lower Atlantic – $3.533, down 2.2 cents
- Midwest – $3.624, up 1.3 cents
- Gulf Coast – $3.532, down 3.1 cent
- Rocky Mountain – $3.713, down one-tenth of a cent
- West Coast – $3.789, down 1.0 cent
- West Coast less California – $3.704, down two-tenths of a cent
- California – $3.861, down 1.5 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 $3.577 on Monday morning, a nine-tenths of a cent decrease from last week.
TruckMiles.com listed the daily average price for Monday at $3.631, with truckers in Connecticut paying an average of $4.074 per gallon, the highest in the nation. Truckers in Virginia are paying a national low of $3.348 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 $79.79 on Monday afternoon, a 35-cent increase from last Monday and a 75-cent decrease from its last trading price. The price of Brent crude oil for December settlement was listed at $85.01, a 38-cent increase from last Monday and an 85-cent decrease from its last trading price.
According to Bloomberg, both WTI and Brent crude prices dropped for three straight days in response to Saudi Arabia possibly cutting prices of barrels it sells to Asia. Oil is currently in a bear market. A bear market is a consistent decline in stock prices where negative reactions within the stock market fuel the decreasing value. AAA has indexed diesel prices at $3.596 for Monday, 25.1 cents cheaper than this time last year and 13.3 cents lower than a month ago. According to AAA, unleaded gas has dipped below $3 for the first time since Dec. 22, 2010.
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