Average diesel prices hit below $2 nationwide

By Land Line staff | Tuesday, February 16, 2016

The average price of a gallon of on-highway diesel had a decrease of 2.8 cents from last week to $1.980 per gallon for the week ending Monday, Feb. 15. This marks the lowest nationwide weekly average since Jan. 24, 2005, when diesel prices were $1.959.

Diesel price averages went down in all 10 regions in the United States, according to the Energy Information Administration. The largest average decrease was in the California region, where prices at the pump dropped 5.3 cents per gallon. Prices were down 1.2 cents in the Lower Atlantic region, the smallest decrease in the nation.

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

  • U.S. – $1.980, down 2.8 cents
  • East Coast – $2.069, down 1.8 cents
  • New England – $2.183, down 1.8 cents
  • Central Atlantic – $2.197, down 2.7 cents
  • Lower Atlantic – $1.947, down 1.2 cents
  • Midwest – $1.908, down 2.1 cents
  • Gulf Coast – $1.858, down 3.8 cents
  • Rocky Mountain – $1.866, down 4.8 cents
  • West Coast – $2.194, down 4.2 cents
  • West Coast less California – $2.043, down 3 cents
  • California – $2.316, down 5.3 cents

According to ProMiles, the average retail price at truck stops was $1.924 on Monday morning, a 1.4-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 Tuesday at $1.980, with truckers in Rhode Island paying an average of $2.389 per gallon, the highest in the nation. Truckers in Montana are paying a national low of $1.688 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 31 states are reporting prices below $2, which is one more state 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 $29.10 at noon CDT on Tuesday, a 59-cent decrease from last Monday and a 34-cent decrease from its last trading price. The price of Brent crude oil for April settlement was listed at $32.43, a 45-cent decrease from last Monday and a 93-cent decrease from its last trading price.

According to Bloomberg, price drops resumed on Tuesday despite Russia and three OPEC countries – Saudi Arabia, Venezuela and Qatar – announcing a possible deal to cut oil production. One analyst told Bloomberg the deal will be worthless without the participation of Iran and Iraq, assuming full compliance among all parties involved. AAA has indexed diesel prices at $1.986 for Tuesday, 84.2 cents less expensive than this time last year and 17.7 cents less than a month ago.

Sign up for eNews here and get all of Land Line’s headlines, features and special reports delivered to your inbox on a daily basis, absolutely free. All it takes is an email address.

Copyright © OOIDA

Comments