Largest weekly increase in diesel prices in more than 3 years

By Land Line staff | Monday, March 14, 2016

The average price of a gallon of on-highway diesel had an increase of 7.8 cents from last week to $2.099 per gallon for the week ending Monday, March 14. This marks the fourth consecutive weekly increase after decreases that started back in November and the largest weekly increase since Feb. 11, 2013, when diesel went up by 8.2 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 Lower Atlantic region, where prices at the pump rose by 9.1 cents per gallon. Prices were up 5.6 cents in the West Coast less California region, the smallest increase in the nation.

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

  • U.S. – $2.099, up 7.8 cents
  • East Coast – $2.153, up 7.6 cents
  • New England – $2.204, up 5.7
  • Central Atlantic – $2.249, up 6.1 cents
  • Lower Atlantic – $2.07, up 9.1 cents
  • Midwest – $2.065, up 8.2 cents
  • Gulf Coast – $1.990, up 8.3 cents
  • Rocky Mountain – $1.999, up 7.2 cents
  • West Coast – $2.285, up 6.6 cent
  • West Coast less California – $2.153, up 5.6 cents
  • California – $2.390, up 7.4 cents

According to ProMiles, the average retail price at truck stops was $2.058 on Monday morning, a 6.8-cent increase from last week. This is the first time since Jan. 18 average weekly prices at ProMiles reached above $2.

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 $2.11, with truckers in Pennsylvania paying an average of $2.43 per gallon, the highest in the nation. Truckers in Oregon are paying a national low of $1.849 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 12 states are reporting prices below $2, nine fewer than last week.

In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for April delivery was trading at $36.99 at noon CDT on Monday, a 91-cent decrease from last Monday and a $1.50 decrease from its last trading price. The price of Brent crude oil for May settlement was listed at $39.35, a $1.49 decrease from last Monday and a $1.04 decrease from its last trading price.

According to Reuters, oil prices tumbled on Monday after a weeks-long rally went “beyond fundamentals” as inventories remained high and Iran shows little interest in freezing production to January levels with other OPEC countries and Russia. AAA has indexed diesel prices at $2.058 for Monday, 85.1 cents cheaper than this time last year and 6.6 cents higher than a month ago.

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