The average price of a gallon of on-highway diesel went up by eight-tenths of a cent from last week to $2.944 per gallon for the week ending Monday, March 9. This marks the fifth consecutive week of increases after nearly three months of decreases.
Diesel price averages went up in 7 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 4.1 cents per gallon. Prices went down eight-tenths of a cent in the West Coast less California region, the largest decrease in the nation.
Following are the average prices by region as reported by the EIA:
- U.S. – $2.944, up eight-tenths of a cent
- East Coast – $3.105, up 2.2 cents
- New England – $3.332, up 4.1 cents
- Central Atlantic – $3.333, up 4.0 cents
- Lower Atlantic – $2.884, up four-tenths of a cent
- Midwest – $2.852, up two-tenths of a cent
- Gulf Coast – $2.794, down one-tenth of a cent
- Rocky Mountain – $2.801, up 2.2 cents
- West Coast – $3.096, down one-tenth of a cent
- West Coast less California – $2.926, down eight-tenths of a cent
- California – $3.233, up four-tenths of a cent
According to ProMiles, the average retail price at truck stops was $2.865 on Monday morning, a three-tenths of a 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 $2.958, with truckers in Rhode Island paying an average of $3.589 per gallon, the highest in the nation. Truckers in Missouri are paying a national low of $2.631 per gallon, according to the site. For the 14th consecutive week, no states in the Lower 48 states are listed in excess of $4 per gallon at the pump. There are 34 states with prices below $3, two fewer than last week.
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 $50.21 on Monday at noon CST, a 62-cent increase from last Monday and a 60-cent increase from its last trading price. The price of Brent crude oil for April settlement was listed at $58.76, a 78-cent decrease from last Monday and a 97-cent decrease from its last trading price.
According to Bloomberg, oil prices started to increase on Monday in response to a survey revealing a “slowdown” in stockpile increases in Cushing, Okla. Cushing has been deemed the official delivery point for WTI futures contracts by the New York Stock Exchange. AAA has indexed diesel prices at $2.922 for Monday, $1.089 cheaper than this time last year and 11.8 cents more expensive than a month ago.
Copyright © OOIDA