Lowest average fuel prices for late August since 2004

By Land Line staff | 8/24/2015

After a small decline last week due to unexpected repairs to a Midwest refinery, the average price of a gallon of on-highway diesel had a larger decline of 5.4 cents from last week to $2.561 per gallon for the week ending Monday, August 24. This marks the 13th consecutive weekly decrease after six weeks of increases. Both AAA and EIA numbers show the lowest average prices in late August since 2004.

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 West Coast less California region, where prices at the pump went down by 8.0 cents per gallon. Prices went down by 3.5 cents in the Rocky Mountain regions, the smallest decrease in the nation.

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

  • U.S. – $2.561, down 5.4 cents
  • East Coast – $2.647, down 4.9 cents
  • New England – $2.739, down 6.4 cents
  • Central Atlantic – $2.777, down 3.9 cents
  • Lower Atlantic – $2.529, down 5.4 cents
  • Midwest – $2.487, down 5.2 cents
  • Gulf Coast – $2.414, down 6.4 cents
  • Rocky Mountain – $2.592, down 3.5 cents
  • West Coast – $2.767, down 6.4 cents
  • West Coast less California – $2.610, down 8.0 cents
  • California – $2.894, down 5.1 cents

According to ProMiles, the average retail price at truck stops was $2.485 on Monday morning, a 5.2-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 $2.550, with truckers in Connecticut paying an average of $3.162 per gallon, the highest in the nation. Truckers in Tennessee are paying a national low of $2.330 per gallon, according to the site. For the 38th consecutive week, no states in the Lower 48 states are listed in excess of $4 per gallon at the pump. There are 47 states in the contiguous U.S. with prices below $3, one more than last week and the most this year. Connecticut is the only state with prices above $3.

In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for October delivery was trading at $39.21 on Monday at noon CDT, a $2.66 decrease from last Monday and a $1.24 decrease from its last trading price. The price of Brent crude oil for October settlement was listed at $43.92, a $4.82 decrease from last Monday and a $1.41 decrease from its last trading price.

According to AAA, gas prices for late August are the lowest they have been since 2004. AAA has indexed diesel prices at $2.622 for Monday, $1.185 cheaper than this time last year and 15.9 cents less than a month ago.

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