Average diesel prices lowest in more than two months

By Land Line staff | Monday, August 01, 2016

The average price of a gallon of on-highway diesel went down 3.1 cents to $2.348 per gallon for the week ending Monday, Aug. 1. This marks the sixth decrease in seven weeks, including an unchanged national average five weeks ago. The national average is the lowest since May 16 when prices were $2.297.

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 West Coast less California region, where prices at the pump fell by 4.4 cents per gallon. Prices were 1.5 cents in the Rocky Mountain region, the smallest decrease in the nation.

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

  • U.S. – $2.348, down 3.1 cents
  • East Coast – $2.354, down 3.3 cents
  • New England – $2.396, down 3.8 cents
  • Central Atlantic – $2.441, down 4 cents
  • Lower Atlantic – $2.279, down 2.7 cents
  • Midwest – $2.304, down 3.7 cents
  • Gulf Coast – $2.224, down 1.8 cents
  • Rocky Mountain – $2.419, down 1.5 cents
  • West Coast – $2.630, down 3.3 cents
  • West Coast less California – $2.492, down 4.4 cents
  • California – $2.741, down 2.3 cents

According to ProMiles, the average retail price at truck stops was $2.303 on Monday morning, a 3.6-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 $2.366, with truckers in California paying an average of $2.765 per gallon, the highest in the nation. Truckers in Missouri are paying a national low of $2.088 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 14th 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 September delivery was trading at $40 at noon CDT on Monday, a $3.13 decrease from last Monday and a $1.60 decrease from its last settlement price. The price of Brent crude oil for October settlement was listed at $42, a $2.72 decrease from last Monday and a 46-cent decrease from its last settlement price.

Reuters reports Monday’s decrease of nearly 4 percent at noon CDT came amid a survey that suggests output for the Organization of the Petroleum Exporting Countries reached record highs in July, bringing back fears of an oil glut. WTI hit below $40 for the first time since April 20. AAA has indexed diesel prices at $2.318 for Monday, 41.4 cents cheaper than this time last year and 5.4 cents lower than a month ago.

Copyright © OOIDA

Comments