Average diesel prices still rising but at slower pace

By Land Line staff | 5/26/2015

The average price of a gallon of on-highway diesel went up a penny from last week to $2.914 per gallon for the week ending Tuesday, May 26. This marks the sixth 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 West Coast less California region, where prices at the pump went up by 2.4 cents per gallon. Prices went up by one-tenth of a cent in the California region, the smallest increase in the nation.

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

  • U.S. – $2.914, up 1.0 cent
  • East Coast – $3.014, up seven-tenths of a cent
  • New England – $3.101, up eight-tenths of a cent
  • Central Atlantic – $3.162, up four-tenths of a cent
  • Lower Atlantic – $2.884, up nine-tenths of a cent
  • Midwest – $2.800, up nine-tenths of a cent
  • Gulf Coast – $2.803, up 1.0 cent
  • Rocky Mountain – $2.830, up 1.7 cents
  • West Coast – $3.174, up 1.2 cents
  • West Coast less California – $3.057, up 2.4 cents
  • California – $3.269, up one-tenth of a cent

According to ProMiles, the average retail price at truck stops was $2.844 on Monday morning, a 1.2 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 Tuesday at $2.920, with truckers in Connecticut paying an average of $3.551 per gallon, the highest in the nation. Truckers in Missouri are paying a national low of $2.637 per gallon, according to the site. For the 25th 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, unchanged from last week.

In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for July delivery was trading at $57.78 on Tuesday at noon CST, a $1.65 decrease from last Monday and a $1.94 decrease from its last trading price. The price of Brent crude oil for July settlement was listed at $63.41, a $2.86 decrease from last Monday and a $1.96 decrease from its last trading price.

According to Bloomberg, oil reached a one-month low as its correlation with the dollar is the closest since 2012. AAA has indexed diesel prices at $2.886 for Tuesday, $1.036 cheaper than this time last year and 8.4 cents higher than a month ago.

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