Diesel prices experience largest one-week gain in more than two years

By Land Line staff | 10/13/2015

The average price of a gallon of on-highway diesel had an increase of 6.4 cents from last week to $2.556 per gallon for the week ending Tuesday, Oct. 13. This marks the second consecutive week of increases and the largest one-week gain since Sept. 2, 2013, when prices went up 6.8 cents.

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 Midwest region, where prices at the pump rose by 14.5 cents per gallon. Prices went up by two-tenths of a cent in the New England region, the smallest decrease in the nation.

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

  • U.S. – $2.556, up 6.4 cents
  • East Coast – $2.554, up 3 cents
  • New England – $2.578, up two-tenths of a cent
  • Central Atlantic – $2.661, up 3 cents
  • Lower Atlantic – $2.469, up 3.7 cents
  • Midwest – $2.634, up 14.5 cents
  • Gulf Coast – $2.339, up 1.6 cents
  • Rocky Mountain – $2.516, up 1.5 cents
  • West Coast – $2.730, up 3.6 cents
  • West Coast less California – $2.603, up 4.3 cents
  • California – $2.833, up 3 cents

According to ProMiles, the average retail price at truck stops was $2.52 on Monday morning, an 8.5-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 $2.569, with truckers in Connecticut paying an average of $3.131 per gallon, the highest in the nation. Truckers in South Carolina are paying a national low of $2.219 per gallon, according to the site. For the 45th 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, unchanged from the previous week.

In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for November delivery was trading at $47.38 on Monday afternoon, a $1.12 increase from last Monday and a $2.25 decrease from its last trading price. The price of Brent crude oil for November settlement was listed at $50.42, a $1.17 increase from last Monday and a $2.23 decrease from its last trading price.

According to Bloomberg, Monday’s steep one-day drop was due to news of a three-year high in production reported by OPEC. The decline was the largest drop in three weeks. AAA has indexed diesel prices at $2.528 for Tuesday, $1.148 cheaper than this time last year and nine-tenths of a cent less than a month ago.

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