Diesel prices down, oil and gasoline hit five-year low

By Land Line staff | 12/1/2014

The average price of a gallon of on-highway diesel went down 2.3 cents from last week to $3.605 per gallon for the week ending Monday, Dec. 1. Gasoline is at a five-year low and expected to remain low throughout the holiday season.

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 Midwest region, where prices at the pump went down by 4.1 cents per gallon. Prices went down eight-tenths of a cent in the Central Atlantic region, the smallest decrease in the nation.

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

  • U.S. – $3.605, down 2.3 cents
  • East Coast – $3.509, down 1.1 cents
  • New England – $3.587, down 1.8 cents
  • Central Atlantic – $3.590, down eight-tenths of a cent
  • Lower Atlantic – $3.429, down 1.2 cents
  • Midwest – $3.702, down 4.1 cents
  • Gulf Coast – $3.501, down 1.0 cent
  • Rocky Mountain – $3.727, down 1.3 cents
  • West Coast – $3.692, down 2.9 cents
  • West Coast less California – $3.651, down 3.1 cents
  • California – $3.726, down 2.7 cents

According to ProMiles, the average retail price at truck stops was $3.575 on Monday morning, a 2.3 cent decrease from last week.

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.

TruckMiles.com listed the daily average price for Monday at $3.627, with truckers in North Dakota paying an average of $4.038 per gallon, the highest in the nation. Truckers in Virginia are paying a national low of $3.271 per gallon, according to the site. North Dakota is the only state in the Lower 48 states that is 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 January delivery was trading at $68.61 on Monday at noon CST, an $8.32 decrease from last Monday and a $2.46 increase from its last trading price. The price of Brent crude oil for January settlement was listed at $72.31, an $8.27 increase from last Monday and a $2.16 increase from its last trading price.

According to Bloomberg, WTI reached a five-year low as prices are expected to drop before the Organization of Petroleum Exporting Countries decides to slow down production later this week. AAA has indexed diesel prices at $3.567 for Monday, 28.1 cents cheaper than this time last year and 2.9 cents lower than a month ago.

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