Declining average prices for diesel continues

By Land Line staff | Monday, July 11, 2016

The average price of a gallon of on-highway diesel went down nine-tenths of a cent to $2.414 per gallon for the week ending Monday, July 11. This marks the third decrease in four weeks, including an unchanged national average two weeks ago.

Diesel price averages went down in eight of 10 regions in the U.S., according to the Energy Information Administration. The largest average decrease was in the Gulf Coast region, where prices at the pump fell by 2.1 cents per gallon. Prices were up nine-tenths of a cent in the Rocky Mountain region, the only increase in the nation.

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

  • U.S. – $2.414, down nine-tenths of a cent
  • East Coast – $2.424, down 1.4 cents
  • New England – $2.469, down 1.3 cents
  • Central Atlantic – $2.521, down 1.4 cents
  • Lower Atlantic – $2.341, down 1.4 cents
  • Midwest – $2.385, down four-tenths of a cent
  • Gulf Coast – $2.261, down 2.1 cents
  • Rocky Mountain – $2.445, up nine-tenths of a cent
  • West Coast – $2.708, down one-tenth of a cent
  • West Coast less California – $2.596, down three-tenths of a cent
  • California – $2.798, unchanged

According to ProMiles, the average retail price at truck stops was $2.381 on Monday morning, a four-tenths of a 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 $2.445, with truckers in Rhode Island paying an average of $2.823 per gallon, the highest in the nation. Truckers in South Carolina are paying a national low of $2.196 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. For the 11th consecutive week, no states are reporting average diesel prices below $2.

In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for August delivery was trading at $44.89 at noon CDT on Monday, a $1.71 decrease from last Tuesday and a 52-cent decrease from its last settlement price. The price of Brent crude oil for September settlement was listed at $46.29, a $1.67 decrease from last Tuesday and a 47-cent decrease from its last settlement price.

MarketWatch reports Monday’s decrease in oil prices was a reaction from investors regarding a survey revealing production from members of the Organization of the Petroleum Exporting Countries have reached a nearly eight-year high. AAA has indexed diesel prices at $2.366 for Monday, 46 cents cheaper than this time last year and one-tenth of a cent lower than a month ago.

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