Average diesel prices fall for third straight week

By Land Line staff | 7/18/2016

The average price of a gallon of on-highway diesel went down 1.2 cents to $2.402 per gallon for the week ending Monday, July 18. This marks the fourth decrease in five weeks, including an unchanged national average three 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 West Coast less California region, where prices at the pump fell by 2.7 cents per gallon. Prices were up one-tenth of a cent in the Gulf Coast region, the only increase in the nation.

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

  • U.S. – $2.402, down 1.2 cents
  • East Coast – $2.411, down 1.3 cents
  • New England – $2.446, down 2.3 cents
  • Central Atlantic – $2.503, down 1.8 cents
  • Lower Atlantic – $2.332, down nine-tenths of a cent
  • Midwest – $2.369, down 1.6 cents
  • Gulf Coast – $2.262, up one-tenths of a cent
  • Rocky Mountain – $2.435, down 1 cent
  • West Coast – $2.686, down 2.2 cents
  • West Coast less California – $2.569, down 2.7 cents
  • California – $2.780, down 1.8 cents

According to ProMiles, the average retail price at truck stops was $2.366 on Monday morning, a 1.5-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 $2.431, with truckers in Connecticut paying an average of $2.823 per gallon, the highest in the nation. Truckers in South Carolina are paying a national low of $2.187 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 12th 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 $45.24 at noon CDT on Monday, a 48-cent increase from last Monday and a $1.04 decrease from its last settlement price. The price of Brent crude oil for September settlement was listed at $46.91, a 66-cent increase from last Monday and a 70-cent decrease from its last settlement price.

Reuters reports Monday’s decrease in oil prices could be attributed to rising stockpiles, adding to worries of another major oversupply. AAA has indexed diesel prices at $2.354 for Monday, 45 cents cheaper than this time last year and 2 cents lower than a month ago.

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