Another week of minimal movement for diesel prices
October 2, 2017
The average price of a gallon of on-highway diesel went up four-tenths of a cent to $2.792 per gallon for the week ending Monday, Oct. 2. This marks the first increase after two consecutive weeks of decreases.
Diesel price averages went up in nine 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 consecutive week, where prices at the pump went up by 2.8 cents per gallon. Prices went down nine-tenths of a cent in the Gulf Coast region, the only decrease in the nation.
Following are the average prices by region as reported by the EIA:
- U.S. – $2.792, up four-tenths of a cent
- East Coast – $2.819, up eight-tenths of a cent
- New England – $2.767, up five-tenths of a cent
- Central Atlantic – $2.934, up nine-tenths of a cent
- Lower Atlantic – $2.748, up eight-tenths of a cent
- Midwest – $2.747, up six-tenths of a cent
- Gulf Coast – $2.615, down nine-tenths of a cent
- Rocky Mountain – $2.86, up 2.8 cents
- West Coast – $3.109, up six-tenths of a cent
- West Coast less California – $3.018, up 1 cent
- California – $3.182, up two-tenths of a cent
According to ProMiles, the average retail price at truck stops was $2.761 on Monday morning, a seven-tenths of a 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 $2.82, 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 $2.587 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. Seven states are reporting average prices above $3, unchanged from last week. No states have reported average diesel prices below $2 since April 27, 2016.
AAA has indexed diesel prices at $2.732 for Monday, 37.1 cents more expensive than this time last year and 10.7 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 November delivery was trading at $50.55 at noon CDT on Monday, a $1.67 decrease from last Monday and a $1.12 decrease from its last settlement price. The price of Brent crude oil for December settlement was listed at $56.05, a $2.97 decrease from last Monday and a $1.49 decrease from its last settlement price.
According to Reuters, Monday’s tumble could be attributed to increased U.S. drilling and a decrease in compliance with the OPEC production-cut agreement in September. Last week marked the first quarterly gain for oil prices in 2017.