Average diesel prices experience another week of slight gains

By Tyson Fisher, Land Line staff writer | 7/10/2017

The average price of a gallon of on-highway diesel went up nine-tenths of a cent to $2.481 per gallon for the week ending Monday, July 10. This marks the second consecutive increase after a month of decreases.

Diesel price averages went up in seven of 10 regions in the U.S., according to the Energy Information Administration. The largest average increase was in the West Coast less California region, where prices at the pump went up by 2.5 cents per gallon. Prices decreased by one-tenth of a cent in the Rocky Mountain region, the only decrease in the nation.

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

  • U.S. – $2.481, up nine-tenths of a cent
  • East Coast – $2.523, up one-tenth of a cent
  • New England – $2.578, unchanged
  • Central Atlantic – $2.672, up one-tenth of a cent
  • Lower Atlantic – $2.407, unchanged
  • Midwest – $2.421, up 1.8 cents
  • Gulf Coast – $2.311, up four-tenths of a cent
  • Rocky Mountain – $2.584, down one-tenth of a cent
  • West Coast – $2.771, up 1.2 cents
  • West Coast less California – $2.653, up 2.5 cents
  • California – $2.867, up one-tenth of a cent

According to ProMiles, the average retail price at truck stops was $2.433 on Monday morning, a 1.7 cent increase 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 $2.958 per gallon, the highest in the nation. Truckers in Oklahoma are paying a national low of $2.238 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 for the fourth consecutive week. No states have reported average diesel prices below $2 since April 27, 2016.

AAA has indexed diesel prices at $2.445 for Monday, 7.9 cents more expensive than this time last year and 5.3 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 August delivery was trading at $44.62 at noon CDT on Monday, a $2.45 decrease from last Monday and a 39-cent increase from its last settlement price. The price of Brent crude oil for September settlement was listed at $47.08, a $2.60 decrease from last Monday and a 37-cent increase from its last settlement price.

According to Reuters, despite Monday’s slight increase in oil prices, increased drilling in the U.S. and worries about Libya and Nigeria cutting production has investors on edge. Reuters is also reporting that Brent crude prices are 17 percent below this year’s opening price.

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