Diesel prices up more than a penny
October 16, 2017
Diesel prices have been volatile the past several weeks, as the average price of a gallon of on-highway diesel went up 1.1 cents to $2.787 per gallon for the week ending Monday, Oct. 9. This marks the first increase after one week of decreases, which was preceded by just one week of increases.
Diesel price averages went up in eight of 10 regions in the U.S., according to the Energy Information Administration. The largest average increase was in the Rocky Mountain region, where prices at the pump went up by 3.0 cents per gallon. Prices went down seven-tenths of a cent in the California region, the largest decrease in the nation.
Following are the average prices by region as reported by the EIA:
- U.S. – $2.787, up 1.1 cents
- East Coast – $2.797, up four-tenths of a cent
- New England – $2.747, down four-tenths of a cent
- Central Atlantic – $2.926, up seven-tenths of a cent
- Lower Atlantic – $2.714, up two-tenths of a cent
- Midwest – $2.757, up 1.9 cents
- Gulf Coast – $2.612, up 1.3 cents
- Rocky Mountain – $2.886, up 3.0 cents
- West Coast – $3.089, up one-tenth of a cent
- West Coast less California – $3.003, up 1.0 cent
- California – $3.159, down seven-tenths of a cent
According to ProMiles, the average retail price at truck stops was $2.748 on Monday morning, a 1.1-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 $2.827, with truckers in Pennsylvania paying an average of $3.268 per gallon, the highest in the nation. Truckers in Oklahoma are paying a national low of $2.602 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. Eight states are reporting average prices above $3, three more than last week and the first time since July 2015. No states have reported average diesel prices below $2 since April 27, 2016.
AAA has indexed diesel prices at $2.724 for Monday, 30.6 cents more expensive than this time last year and five-tenths of a cent higher 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 November delivery was trading at $51.91 at noon CDT on Monday, a $2.33 increase from last Monday and a 46-cent increase from its last settlement price. The price of Brent crude oil for December settlement was listed at $57.79, a $2.00 increase from last Monday and a 62-cent increase from its last settlement price.
According to Reuters, oil prices edged up 1 percent amid tensions in the Middle East as Iraqi forces took over territory in Kirkuk and temporarily shut down crude output. Kirkuk is rich in oil fields in OPEC’s second largest oil production country. In September, Iraq produced nearly 4.5 million barrels per day, next to Saudi Arabia’s nearly 10 million barrels per day.