The average price of a gallon of on-highway diesel went up by 2.6 cents from last week to $2.904 per gallon for the week ending Monday, May 18. This marks the fifth consecutive week of increases after five weeks of declining prices.
Diesel price averages went up in all 10 regions in the U.S., according to the Energy Information Administration. The largest average increase was in the Midwest region, where prices at the pump went up by 4.3 cents per gallon. Prices went up by two-tenths of a cent in the New England region, the smallest increase in the nation.
Following are the average prices by region as reported by the EIA:
- U.S. – $2.904, up 2.6 cents
- East Coast – $3.007, up 1.0 cent
- New England – $3.093, up two-tenths of a cent
- Central Atlantic – $3.158, up seven-tenths of a cent
- Lower Atlantic – $2.875, up 1.5 cents
- Midwest – $2.791, up 4.3 cents
- Gulf Coast – $2.793, up 2.2 cents
- Rocky Mountain – $2.813, up 4.1 cents
- West Coast – $3.162, up 2.3 cents
- West Coast less California – $3.033, up 3.1 cents
- California – $3.268, up 1.8 cents
According to ProMiles, the average retail price at truck stops was $2.832 on Monday morning, a 3.2 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 Connecticut paying an average of $3.486 per gallon, the highest in the nation. Truckers in Montana are paying a national low of $2.638 per gallon, according to the site. For the 24th 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, 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 June delivery was trading at $59.63 on Monday at noon CST, a 38-cent increase from last Monday and a 6-cent decrease from its last trading price. The price of Brent crude oil for July settlement was listed at $66.20, a $1.29 increase from last Monday and a 61-cent decrease from its last trading price.
According to Bloomberg, the dollar rebound after a four-month low led to declines in crude prices due to less appeal of commodities priced in the U.S. currency. Goldman Sachs has predicted that oil prices could be as low as $50 at the end of the decade. AAA has indexed diesel prices at $2.874 for Monday, $1.059 cheaper than this time last year and 2.3 cents higher than a month ago.
Copyright © OOIDA