Diesel reaches highest prices in more than two years

The average price of a gallon of on-highway diesel went up 2.2 cents to $2.819 per gallon for the week ending Monday, Oct. 30. This marks the third consecutive increase after one week of decreases, which was preceded by just one week of increases and the highest prices since July 6, 2015, when diesel was $2.832.

Diesel price averages went up in all 10 regions in the U.S., according to the Energy Information Administration. The largest average increase was in the Midwest region, where prices at the pump went up by 3.1 cents per gallon. Prices went up five-tenths of a cent in the West Coast less California region, the smallest increase in the nation.

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

• U.S. – $2.819, up 2.2 cent
• East Coast – $2.811, up 1.4 cents
• New England – $2.770, up 1.8 cents
• Central Atlantic – $2.938, up 1.4 cents
• Lower Atlantic – $2.729, up 1.4 cents
• Midwest – $2.810, up 3.1 cents
• Gulf Coast – $2.639, up 2.5 cents
• Rocky Mountain – $2.943, up 2.6 cents
• West Coast – $3.111, up 1.3 cents
• West Coast less California – $3.020, up five-tenths of a cent
• California – $3.185, up 1.9 cents

According to ProMiles, the average retail price at truck stops was $2.794 on Monday morning, a 2.6-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 $2.869, with truckers in Pennsylvania paying an average of $3.285 per gallon, the highest in the nation. Truckers in Oklahoma are paying a national low of $2.630 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. Eleven states are reporting average prices above $3, two 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 $2.743 for Monday, 32.2 cents more expensive than this time last year and 1.2 cents 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 December delivery was trading at $54.05 at noon CDT on Monday, a $2.15 increase from last Monday and a 15-cent increase from its last settlement price. The price of Brent crude oil for December settlement was listed at $60.56, a $3.19 increase from last Monday and a 12-cent increase from its last settlement price.

According to Reuters, oil prices increased slightly on Monday as investors continue to bank on expectations that OPEC’s production cut deal will be extended past March 2018. On Friday, Oct. 27, Brent crude settled above $60 for the first time since July 2, 2015. WTI oil settled at its highest since February.