The average price of a gallon of on-highway diesel went down 3.2 cents to $2.316 per gallon for the week ending Monday, Aug. 8. This marks the seventh decrease in eight weeks, including an unchanged national average six 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 Gulf Coast region, where prices at the pump fell by 4 cents per gallon. Prices were down 1.8 cents in the New England region, the smallest decrease in the nation.
Following are the average prices by region as reported by the EIA:
- U.S. – $2.316, down 3.2 cents
- East Coast – $2.321, down 3.3 cents
- New England – $2.378, down 1.8 cents
- Central Atlantic – $2.412, down 2.9 cents
- Lower Atlantic – $2.241, down 3.8 cents
- Midwest – $2.275, down 2.9 cents
- Gulf Coast – $2.184, down 4 cents
- Rocky Mountain – $2.396, down 2.3 cents
- West Coast – $2.595, down 3.5 cents
- West Coast less California – $2.454, down 3.8 cents
- California – $2.707, down 3.4 cents
According to ProMiles, the average retail price at truck stops was $2.268 on Monday morning, a 3.5-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 Tuesday at $2.326, with truckers in Connecticut paying an average of $2.717 per gallon, the highest in the nation. Truckers in Missouri are paying a national low of $2.089 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 15th 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 $42.67 at noon CDT on Tuesday, a $3.16 increase from last Tuesday and a 35-cent decrease from its last settlement price. The price of Brent crude oil for October settlement was listed at $44.96, also a $3.16 increase from last Tuesday and a 43-cent decrease from its last settlement price.
Despite reports of a weekly drop in U.S. crude inventories, Reuters reports Tuesday’s decrease as of noon CDT was based on continued fears regarding the global glut. Oil prices went up 3 percent on Monday amid resurrected speculation of the Organization of the Petroleum Exporting Countries capping production. Earlier this year, OPEC failed to strike a deal that would cap oil production at January levels. AAA has indexed diesel prices at $2.296 for Tuesday, 38.8 cents cheaper than this time last year and 7.2 cents lower than a month ago.
Copyright © OOIDA