Diesel prices back down

By Land Line staff | 11/17/2014

The average price of a gallon of on-highway diesel went down 1.6 cents from last week to $3.661 per gallon for the week ending Monday, Nov. 17. Last week marked the first increase after 18 weeks of falling prices.

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 California region, where prices at the pump went down by 4.4 cents per gallon. Prices went up eight-tenths of a cent in the West Coast less California region, the only increase in the nation.

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

  • U.S. – $3.661, down 1.6 cents
  • East Coast – $3.542, down 2.6 cents
  • New England – $3.633, down 2.6 cents
  • Central Atlantic – $3.612, down 2.2 cents
  • Lower Atlantic – $3.469, down 2.8 cents
  • Midwest – $3.786, down two-tenths of a cent
  • Gulf Coast – $3.542, down 2.0 cents
  • Rocky Mountain – $3.767, down 2.9 cents
  • West Coast – $3.762, down 2.0 cents
  • West Coast less California – $3.720, up eight-tenths of a cent
  • California – $3.797, down 4.4 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 $3.624 on Monday morning, a 2.4 cent decrease from last week.

TruckMiles.com listed the daily average price for Monday at $3.678, with truckers in North Dakota paying an average of $4.107 per gallon, the highest in the nation. Truckers in Virginia are paying a national low of $3.317 per gallon, according to the site. Truckers in two of the Lower 48 states are paying in excess of $4 per gallon at the pump.

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 $75.29 on Monday afternoon, a $2.39 decrease from last Monday and a 53-cent decrease from its last trading price. The price of Brent crude oil for January settlement was listed at $78.70, a $4.32 decrease from last Monday and a 71-cent decrease from its last trading price.

According to Bloomberg, Brent and WTI prices went down upon news of Japan’s unexpected recession. A recession will likely result in lower demand. Japan is the world’s third-largest oil consuming country. AAA has indexed diesel prices at $3.622 for Monday, 19.3 cents cheaper than this time last year and 2.9 cents lower than a month ago.

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