Average diesel prices down after more than a month of increases

By Land Line staff | 6/1/2015

The average price of a gallon of on-highway diesel went down five-tenths of a cent from last week to $2.909 per gallon for the week ending Monday, June 1. This marks the first weekly decrease after six weeks of increases.

Diesel price averages went up in eight of 10 regions in the U.S., according to the Energy Information Administration. The largest average decrease was in the California region, where prices at the pump went down by 2.0 cents per gallon. Prices went up by five-tenths of a cent in the Rocky Mountain region, the largest increase in the nation.

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

  • U.S. – $2.909, down five-tenths of a cent
  • East Coast – $3.001, down 1.3 cents
  • New England – $3.092, down nine-tenths of a cent
  • Central Atlantic – $3.143, down 1.9 cents
  • Lower Atlantic – $2.874, down 1.0 cent
  • Midwest – $2.804, up four-tenths of a cent
  • Gulf Coast – $2.799, down four-tenths of a cent
  • Rocky Mountain – $2.835, up five-tenths of a cent
  • West Coast – $3.163, down 1.1 cents
  • West Coast less California – $3.055, down two-tenths of a cent
  • California – $3.249, down 2.0 cents

According to ProMiles, the average retail price at truck stops was $2.844 on Monday morning, unchanged 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 $2.921, with truckers in Connecticut paying an average of $3.589 per gallon, the highest in the nation. Truckers in Missouri are paying a national low of $2.641 per gallon, according to the site. For the 26th 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, one 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 July delivery was trading at $59.64 on Monday at noon CDT, a $1.61 increase from last Monday and a 66-cent decrease from its last trading price. The price of Brent crude oil for July settlement was listed at $64.53, an 81-cent increase from last Monday and a $1.03 decrease from its last trading price.

According to Bloomberg, falling oil prices in recent days may be in preparation for the Organization of Petroleum Exporting Countries’ meeting on June 5 where they will determine their output for the next six months.  Analysts are predicting that OPEC will continue to drive down prices in favor of their market share. AAA has indexed diesel prices at $2.882 for Monday, $1.037 cheaper than this time last year and 6.5 cents higher than a month ago.

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