Four regions reporting average diesel prices below $2

By Land Line staff | Monday, February 01, 2016

The average price of a gallon of on-highway diesel had a decrease of 4 cents from last week to $2.031 per gallon for the week ending Monday, Feb. 1. This marks the lowest nationwide weekly average since March 16, 2009, when diesel prices were $2.017.

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 California region, where prices at the pump dropped 6 cents per gallon. Prices were down 2.1 cents 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. – $2.031, down 4 cents
  • East Coast – $2.111, down 2.9 cents
  • New England – $2.219, down 2.1 cents
  • Central Atlantic – $2.239, down 2.5 cents
  • Lower Atlantic – $1.992, down 3.3 cents
  • Midwest – $1.941, down 4.6 cents
  • Gulf Coast – $1.917, down 4 cents
  • Rocky Mountain – $1.969, down 4.6 cents
  • West Coast – $2.273, down 5.2 cents
  • West Coast less California – $2.117, down 4.3 cents
  • California – $2.399, down 6 cents

According to ProMiles, the average retail price at truck stops was $1.955 on Monday morning, a 4.2-cent decrease from last week. The average for January was down 19.3 cents from December 2015.

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 $2.02, with truckers in Washington state paying an average of $2.40 per gallon, the highest in the nation. Truckers in Missouri are paying a national low of $1.717 per gallon, according to the site. No states in the Lower 48 states have been listed in excess of $4 per gallon at the pump since Dec. 4, 2014. All 48 states in the contiguous U.S. have average prices below $3. A total of 28 states are reporting prices below $2, five more than last week.

In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for March delivery was trading at $31.52 at noon CDT on Monday, a $1.18 increase from last Monday and a $2.10 decrease from its last trading price. The price of Brent crude oil for April settlement was listed at $34.10, a $3.60 increase from last Monday and a 64-cent decrease from its last trading price.

According to Bloomberg, a significant rally in oil prices came to an end on Monday in light of news of a weakening Chinese economy and speculation that any deal with OPEC to cut production is highly unlikely. AAA has indexed diesel prices at $2.046 for Monday, 75.4 cents cheaper than this time last year and 21 cents less than a month ago.

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