Average fuel prices continue to decline

By Land Line staff | 10/26/2015

The average price of a gallon of on-highway diesel had a decrease of 3.3 cents from last week to $2.498 per gallon for the week ending Monday, Oct. 26. This marks the second consecutive week of decreases after a sharp increase two weeks ago.

Diesel price averages went down in nine of 10 regions in the U.S., according to the Energy Information Administration. The largest average decrease was in the Midwest region, where prices at the pump fell by 6 cents per gallon. Prices went up by five-tenths of a cent in the California region, the only increase in the nation.

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

  • U.S. – $2.498, down 3.3 cents
  • East Coast – $2.499, down 2.5 cents
  • New England – $2.553, down nine-tenths of a cent
  • Central Atlantic – $2.620, down 2.2 cents
  • Lower Atlantic – $2.396, down 3.1 cents
  • Midwest – $2.540, down 6 cents
  • Gulf Coast – $2.299, down 2.6 cents
  • Rocky Mountain – $2.508, down 1.5 cents
  • West Coast – $2.703, down one-tenth of a cent
  • West Coast less California – $2.567, down nine-tenths of a cent
  • California – $2.813, up five-tenths of a cent

According to ProMiles, the average retail price at truck stops was $2.437 on Monday morning, a 4-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 $2.505, with truckers in Connecticut paying an average of $3.077 per gallon, the highest in the nation. Truckers in South Carolina are paying a national low of $2.165 per gallon, according to the site. For the 47th 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 the previous week.

In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for December delivery was trading at $44.21 at noon CDT on Monday, a $1.68 decrease from last Monday and a 39-cent decrease from its last trading price. The price of Brent crude oil for December settlement was listed at $47.85, a 76-cent decrease from last Monday and a 14-cent decrease from its last trading price.

According to Bloomberg, WTI’s month-to-month futures spread was 95 cents for December and January, the largest gap in five months. Lower prices came as a result of news of inventories reaching an 85-year high for the season. AAA has indexed diesel prices at $2.499 for Monday, $1.117 cheaper than this time last year and three-tenths of a cent more than a month ago.

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