Average diesel prices still falling, California still only region above $3

By Land Line staff | 8/3/2015

The average price of a gallon of on-highway diesel went down 5.5 cents from last week to $2.668 per gallon for the week ending Monday, Aug. 3. This marks the 10th consecutive weekly decrease after six weeks of increases. The California region is the only region with average prices above $3.

Diesel price averages went down in all 10 regions in the U.S., according to the Energy Information Administration. The largest average decrease was in the Gulf Coast region, where prices at the pump went down by 7.5 cents per gallon. Prices went down by 3.3 cents in the Central Atlantic region, the smallest decrease in the nation.

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

  • U.S. – $2.668, down 5.5 cents
  • East Coast – $2.769, down 4 cents
  • New England – $2.895, down 3.7 cents
  • Central Atlantic – $2.885, down 3.3 cents
  • Lower Atlantic – $2.654, down 4.7 cents
  • Midwest – $2.561, down 5.8 cents
  • Gulf Coast – $2.536, down 7.5 cents
  • Rocky Mountain – $2.685, down 5 cents
  • West Coast – $2.906, down 5.1 cents
  • West Coast less California – $2.761, down 5.3 cents
  • California – $3.024, down 4.8 cents

According to ProMiles, the average retail price at truck stops was $2.588 on Monday morning, a 6.3-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 $2.657, with truckers in Connecticut paying an average of $3.192 per gallon, the highest in the nation. Truckers in Indiana are paying a national low of $2.372 per gallon, according to the site. For the 35th consecutive week, no states in the Lower 48 states are listed in excess of $4 per gallon at the pump. There are 46 states in the contiguous U.S. with prices below $3, one more than last week and the most on record this year. The remaining two states hovering above $3 are Washington and Connecticut.

In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for September delivery was trading at $45.37 on Monday at noon CDT, a $2.02 decrease from last Monday and a $1.75 decrease from its last trading price. The price of Brent crude oil for September settlement was listed at $49.94, a $3.53 decrease from last Monday and a $2.27 decrease from its last trading price.

According to Bloomberg, Bank of America recently predicted that the price of WTI will exceed Brent oil sometime next year as the Middle East continues to pump more oil and the U.S. experiences slower supply growth. On Monday, Brent dipped below $50 for the first time since January. AAA has indexed diesel prices at $2.726 for Monday, $1.112 cheaper than this time last year, and 11.4 cents less than a month ago.

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