Average diesel prices continue to decrease

By Land Line staff | 6/8/2015

The average price of a gallon of on-highway diesel went down 2.5 cents from last week to $2.884 per gallon for the week ending Monday, June 8. This marks the second consecutive weekly decrease after six weeks of increases.

Diesel price averages went up in all 10 regions in the U.S., according to the Energy Information Administration. The largest average decrease was in the West Coast less California region, where prices at the pump went down by 5.4 cents per gallon. Prices went down by a penny in the Rocky Mountain region, the smallest decrease in the nation.

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

  • U.S. – $2.884, down 2.5 cents
  • East Coast – $2.980, down 2.1 cents
  • New England – $3.076, down 1.6 cents
  • Central Atlantic – $3.122, down 2.1 cents
  • Lower Atlantic – $2.853, down 2.1 cents
  • Midwest – $2.774, down 3.0 cents
  • Gulf Coast – $2.783, down 1.6 cents
  • Rocky Mountain – $2.825, down 1.0 cent
  • West Coast – $3.121, down 4.2 cents
  • West Coast less California – $3.001, down 5.4 cents
  • California – $3.217, down 3.2 cents

According to ProMiles, the average retail price at truck stops was $2.816 on Monday morning, a 2.8-cent decrease 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 $2.889, 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 $2.600 per gallon, according to the site. For the 27th consecutive week, no states in the Lower 48 states are listed in excess of $4 per gallon at the pump. There are 37 states with prices below $3, three more than last week.
AAA has indexed diesel prices at $2.876 for Monday, $1.029 cheaper than this time last year and 3.1 cents higher than a month ago.

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 $57.90 on Monday at noon CDT, a $2.30 decrease from last Monday and a $1.23 decrease from its last trading price. The price of Brent crude oil for July settlement was listed at $62.50, a $2.38 decrease from last Monday and an 81-cent decrease from its last trading price.

According to Bloomberg, lower oil prices come after the Organization of Petroleum Exporting Countries, OPEC, officially decided at a June 5 meeting in Vienna to look after its market share over global prices. Iran also announced that it will increase oil exports, adding to an already oversaturated market.

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