The average price of a gallon of on-highway diesel dropped 2.7 cents from last week to $2.917 per gallon for the week ending Monday, March 16. This marks the first drop in fuel prices after five straight weeks of price increases.
Diesel prices dropped in nine of the 10 regions in the U.S., according to the U.S. Energy Information Administration. The Rocky Mountain region was the only one reporting an increase this week, up 1.1 cent from the previous week.
The largest average decrease was in the New England region, where diesel prices dropped 6.2 cents from a week ago. Diesel prices were the highest in the Central Atlantic region this week at 3.311 per gallon.
Following are the average prices by region as reported by the EIA:
- U.S. – $2.917, down 2.7 cents
- East Coast – $3.082, down 2.3 cents
- New England – $3.270, down 6.2 cents
- Central Atlantic – $3.311, down 2.2 cents
- Lower Atlantic – $2.870, down 1.4 cents
- Midwest – $2.820, down 3.2 cents
- Gulf Coast – $2.763, down 3.2 cents
- Rocky Mountain – $2.812, up 1.1 cents
- West Coast – $3.064, down 3.2 cents
- West Coast less California – $2.894, down 3.2 cents
- California – $3.202, down 3.1 cents
According to ProMiles, the average retail price at truck stops was $2.845, down 2.0 cents from a week ago.
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 $2.935, with truckers in Connecticut paying an average of $3.562 per gallon, the highest in the nation. Truckers in Missouri are paying a national low of $2.61 per gallon, according to the site. For the 15th consecutive week, no states in the Lower 48 states are listed in excess of $4 per gallon at the pump. There are 35 states with prices below $3.
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 $42.85 on Monday at noon CST, dropping to its lowest level in six years.
The price of Brent crude oil for April settlement was listed at $53.20, down $5.56 from a week ago.