Diesel down 11.6 cents; oil maintains record lows

By Land Line staff | 12/15/2014

The average price of a gallon of on-highway diesel went down 11.6 cents from last week to $3.419 per gallon for the week ending Monday, Dec. 15.

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 Rocky Mountain region, where prices at the pump went down by 15.1 cents per gallon. Prices went down 5.8 cents in the New England region, the smallest decrease in the nation.

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

  • U.S. – $3.419, down 11.6 cents
  • East Coast – $3.385, down 7.5 cents
  • New England – $3.467, down 5.8 cents
  • Central Atlantic – $3.454, down 8.5 cents
  • Lower Atlantic – $3.314, down 7.2 cents
  • Midwest – $3.473, down 15.0 cents
  • Gulf Coast – $3.328, down 10.6 cent
  • Rocky Mountain – $3.504, down 15.1 cents
  • West Coast – $3.469, down 12.4 cents
  • West Coast less California – $3.371, down 14.8 cents
  • California – $3.550, down 10.5 cents

TruckMiles.com listed the daily average price for Monday at $3.446, with truckers in Rhode Island paying an average of $3.899 per gallon, the highest in the nation. Truckers in Mississippi are paying a national low of $3.187 per gallon, according to the site. For the second consecutive week, no states in the Lower 48 states are listed in excess of $4 per gallon at the pump.

According to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for January delivery was trading at $56.60 on Monday at noon CST, a $6.45 decrease from last Monday and a $1.21 decrease from its last trading price. The price of Brent crude oil for January settlement was listed at $61.41, a $4.78 decrease from last Monday and a 44-cent decrease from its last trading price.

According to Bloomberg, OPEC has decided not to reduce production output, despite many analysts predicting that they would. United Arab Emirates’ energy minister told Bloomberg that OPEC would wait at least three months before considering an emergency meeting, even if prices dip below $40. AAA has indexed diesel prices at $3.400 for Monday, 45 cents cheaper than this time last year and 23.3 cents lower than a month ago.

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