Average diesel prices approaching $3

By Land Line staff | 2/23/2015

The average price of a gallon of on-highway diesel went up by 3.5 cents from last week to $2.900 per gallon for the week ending Monday, Feb. 23. This marks the third consecutive week of increases after nearly three months of decreases.

Diesel price averages went up in 9 of 10 regions in the U.S., according to the Energy Information Administration. The largest average increase was in the New England region, where prices at the pump went up by 8.9 cents per gallon. Prices went down eight-tenths of a cent in the Rocky Mountain region, the only decrease in the nation.

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

  • U.S. – $2.900, up 3.5 cents
  • East Coast – $3.005, up 4.5 cents
  • New England – $3.173, up 8.9 cents
  • Central Atlantic – $3.160, up 7.6 cents
  • Lower Atlantic – $2.853, up 1.2 cents
  • Midwest – $2.826, up 3.4 cents
  • Gulf Coast – $2.795, up 1.2 cents
  • Rocky Mountain – $2.762, down eight-tenths of a cent
  • West Coast – $3.065, up 6.8 cents
  • West Coast less California – $2.889, up 7.2 cents
  • California – $3.208, up 6.6 cents

According to ProMiles, the average retail price at truck stops was $2.832 on Monday morning, a 3.6 cent increase 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 $2.910, with truckers in Rhode Island paying an average of $3.519 per gallon, the highest in the nation. Truckers in Montana are paying a national low of $2.593 per gallon, according to the site. For the 12th consecutive week, no states in the Lower 48 states are listed in excess of $4 per gallon at the pump. There are 36 states with prices below $3, one fewer than last week as prices are slowly climbing.

In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for April delivery was trading at $49.49 on Monday at noon CST, a $4.04 decrease from last Tuesday and an 85-cent decrease from its last trading price. The price of Brent crude oil for April settlement was listed at $59.46, a $3.07 decrease from last Tuesday and a 76-cent decrease from its last trading price.

According to The Wall Street Journal, a drop in prices to start the week has been a result of investors continuing to be worried about the oversupply in the global market. AAA has indexed diesel prices at $2.865 for Monday, $1.124 cheaper than this time last year and three-tenths of a cent more expensive than a month ago.

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