Diesel Recap: As Temps Heat Up, Diesel Prices Cool

Diesel Recap: As Temps Heat Up, Diesel Prices Cool

July 2015 Diesel Graph 2.0-01

As temps continue to rise across the U.S. this summer, diesel prices remain cool. Every region in the United States saw a decrease in average diesel prices from June to July, according to the final diesel report of the month put out by the U.S. Energy Information Administration (EIA). Diesel prices have steadily been decreasing since March 2014. July ended on-track with the EIA’s prediction with a national average of $2.788. The price is down -$0.085 from last month and down -$1.096 from July 2014. The lowest average price in the U.S. was $2.676 in the Gulf Coast, closely followed by $2.682 in the Midwest. The highest average price was $3.115 in California, followed by the West Coast at $3.017.

Small, but Steady Falls

There was a fairly even split among regions that saw prices drop less than eight cents and ones that dropped eight cents or more. There were four regions that experienced a drop smaller than eight cents: New England, the Lower Atlantic, the Rocky Mountain region and California. The smallest decreasing region came from the Rocky Mountains where prices dropped by just four cents from $2.809 to $2.769. California saw a decrease almost double in size with -$0.077 from $3.192 to $3.115, but still had the highest average price for July. The Lower Atlantic and New England fell in between with lowered prices of $2.768 and $3.004, respectively.

Larger Drops

Five other regions experienced a price decrease of eight cents or more. The Central Atlantic saw the largest price decrease of -$0.112 from $3.116 to $3.004. Both the Gulf Coast and the West Coast had the second largest drop in price with -$0.093. The East Coast had a slightly smaller drop with -$0.088 from $2.972 to $2.788, which is the largest price drop of the summer for the region. The Midwest sat right at -$0.08, making it the median price drop in the country. The Midwest also had the second lowest average price at $2.682 for the month of July.

The EIA projects diesel prices will remain around the same price for August at $2.80 per gallon. It is also predicted that prices will start to creep back up for the remainder of 2015 and approach $3.00 per gallon by March 2016.

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