The average price of a gallon of on-highway diesel went down nine-tenths of a cent to $2.47 per gallon for the week ending Monday, Nov. 7. This marks the first decrease after a short-lived, one-week increase last week.
Diesel price averages went down in six of 10 regions in the U.S., according to the Energy Information Administration. The largest average decrease was in the Midwest region, where prices at the pump went down by 1.8 cents per gallon. Prices were up 1.8 cents in the West Coast less California region, the largest increase in the nation.
Following are the average prices by region as reported by the EIA:
- U.S. – $2.47, down nine-tenths of a cent
- East Coast – $2.474, down one-tenth of a cent
- New England – $2.502, unchanged
- Central Atlantic – $2.584, up one-tenth of a cent
- Lower Atlantic – $2.384, down four-tenths of a cent
- Midwest – $2.425, down 1.8 cents
- Gulf Coast – $2.340, down 1.3 cents
- Rocky Mountain – $2.532, down nine-tenths of a cent
- West Coast – $2.766, unchanged
- West Coast less California – $2.673, up 1.8 cents
- California – $2.840, down 1.5 cents
According to ProMiles, the average retail price at truck stops was $2.424 on Monday morning, a 1.3-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 $2.494, with truckers in Rhode Island paying an average of $2.879 per gallon, the highest in the nation. Truckers in South Carolina are paying a national low of $2.242 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. No states have reported average diesel prices below $2 since April 27.
In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for December delivery was trading at $44.35 at noon CDT on Monday, a $2.51 decrease from last Monday and a 28-cent increase from its last settlement price. The price of Brent crude oil for January settlement was listed at $45.70, a $2.60 decrease from last Monday and a 12-cent increase from its last settlement price.
According to Reuters, oil prices were volatile on Monday after news of Hillary Clinton will not be facing charges calmed concerns regarding the economy, moving prices upward. However, a strengthened dollar and doubts over OPEC’s production cap put downward pressure on oil prices. AAA has indexed diesel prices at $2.418 for Monday, 7 cents cheaper than this time last year and 3.6 cents more than a month ago.
Copyright © OOIDA