Diesel up a penny; highest average price in more than a month
October 23, 2017
The average price of a gallon of on-highway diesel went up a penny to $2.797 per gallon for the week ending Monday, Oct. 23. This marks the second consecutive increase after one week of decreases which was preceded by just one week of increases and the highest prices since Sept. 11, when diesel was $2.802
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 for the second straight week, where prices at the pump went up by 3.1 cents per gallon. Prices went down two-tenths of a cent in the Central Atlantic region, the only decrease in the nation.
Following are the average prices by region as reported by the EIA:
- U.S. – $2.797, up 1 cent
- East Coast – $2.797, unchanged
- New England – $2.752, up five-tenths of a cent
- Central Atlantic – $2.924, down two-tenths of a cent
- Lower Atlantic – $2.715, up one-tenth of a cent
- Midwest – $2.779, up 2.2 cents
- Gulf Coast – $2.614, up two-tenths of a cent
- Rocky Mountain – $2.917, up 3.1 cents
- West Coast – $3.098, up nine-tenths of a cent
- West Coast less California – $3.015, up 1.2 cents
- California – $3.166, up seven-tenths of a cent
According to ProMiles, the average retail price at truck stops was $2.768 on Monday morning, a 2-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 $2.836, with truckers in Washington State paying an average of $3.276 per gallon, the highest in the nation. Truckers in South Carolina are paying a national low of $2.59 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. Nine states are reporting average prices above $3, one more than last week. No states have reported average diesel prices below $2 since April 27, 2016.
AAA has indexed diesel prices at $2.729 for Monday, 30.9 cents more expensive than this time last year and eight-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 December delivery was trading at $51.92 at noon CDT on Monday, a 5-cent increase from last Monday and a 45-cent increase from its last settlement price. The price of Brent crude oil for December settlement was listed at $57.46, a 36-cent decrease from last Monday and a 69-cent decrease from its last settlement price.
According to the new service Reuters, oil prices made minimal upward movement on Monday amid news of disruptions in Iraq and declines in U.S. drilling. Prices have been rising recently due to tensions in the northern Kirkuk fields. Exports in southern Iraq have declined by 110,000 barrels per day so far this month.