Diesel prices down again, lowest in more than seven months

By Tyson Fisher, Land Line staff writer | 6/19/2017

The average price of a gallon of on-highway diesel went down 3.5 cents to $2.489 per gallon for the week ending Monday, June 19. This marks the third consecutive decrease after a short-lived one-week increase and the lowest prices since Nov. 5, 2016, when prices were $2.48.

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 Midwest region, where prices at the pump went down by 4.3 cents per gallon. Prices decreased by 1.9 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. – $2.489, down 3.5 cents
  • East Coast – $2.539, down 3 cents
  • New England – $2.59, down 2.4 cents
  • Central Atlantic – $2.683, down 2.8 cents
  • Lower Atlantic – $2.427, down 3.2 cents
  • Midwest – $2.411, down 4.3 cents
  • Gulf Coast – $2.329, down 3.9 cents
  • Rocky Mountain – $2.625, down 1.9 cents
  • West Coast – $2.782, down 2.6 cents
  • West Coast less California – $2.655, down 2.6 cents
  • California – $2.884, down 2.2 cents

According to ProMiles, the average retail price at truck stops was $2.442 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 $2.518, with truckers in Pennsylvania paying an average of $2.966 per gallon, the highest in the nation. Truckers in Oklahoma are paying a national low of $2.23 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. No states are reporting average prices above $3, two fewer than last week and the first time in more than two months. No states have reported average diesel prices below $2 since April 27, 2016.

AAA has indexed diesel prices at $2.474 for Monday, 10 cents more expensive than this time last year and 2.5 cents cheaper than a month ago.

In separate energy news, according to the New York Mercantile Exchange, light sweet crude (also known as West Texas Intermediate) for July delivery was trading at $44.40 at noon CDT on Monday, a $1.68 decrease from last Monday and a 34-cent decrease from its last settlement price. The price of Brent crude oil for August settlement was listed at $47.10, a $1.19 decrease from last Monday and a 27-cent decrease from its last settlement price.

According to Reuters, oil prices made little movement on Monday as oil production is expected to increase in the United States, Libya and Nigeria, negating any positive effects of OPEC’s attempt of shaping the market favorably through production cuts.

Copyright © OOIDA