Subscribe to our free, weekly email newsletter!


Diesel prices are back over the $4 per gallon mark, says EIA

By Jeff Berman, Group News Editor
November 22, 2011

When the price per gallon of diesel spiked a full ten cents last week, it still remained below $4 per gallon. But with this week’s 2.3 cent gain to $4.01 per gallon, it is back in territory it has not been in since mid-May, when it hit $4.061 on May 16, according to data from the Department of Energy’s Energy Information Administration (EIA).

In April and May there were multiple weeks in which the price per gallon of diesel were north of $4, before settling into the $3.70 to $3.90 range for most of the subsequent weeks. While diesel is above the $4 mark, it is 11.4 cents the 2011 high of $4.124 per gallon from the week of May 2, which is also highest level for diesel prices since August 2008, when prices were approaching $5 per gallon. Last week’s ten cent gain was the single largest weekly gain since the week of April 11, when the price per gallon increased 10.2 cents to $4.105.

On an annual basis, the price per gallon is up 83.9 cents and is slightly down from declines in the mid-80s and higher for most of 2011 prior to recent weeks.

Oil barrel prices on the New York Mercantile Exchange hit $102.59 late last week, which marked the first time it eclipsed $100 since June. As of this morning, oil was trading at $98.47 per barrel.

And at last week’s TransComp exhibition in Atlanta, many shippers told LM they are forecasting for steady fuel increases in their supply chain and transportation budgets should prices continue to rise at a steady rate.

“Shippers will have to pay to get their goods to market even as the price of fuel increases,” a shipper told LM. “The fuel surcharge (FSC) is not necessarily an evil thing.”

About the Author

Jeff Berman headshot
Jeff Berman
Group News Editor

Jeff Berman is Group News Editor for Logistics Management, Modern Materials Handling, and Supply Chain Management Review. Jeff works and lives in Cape Elizabeth, Maine, where he covers all aspects of the supply chain, logistics, freight transportation, and materials handling sectors on a daily basis. .(JavaScript must be enabled to view this email address).


Subscribe to Logistics Management magazine

Subscribe today. It's FREE!
Get timely insider information that you can use to better manage your
entire logistics operation.
Start your FREE subscription today!

Recent Entries

Even though some of its key metrics dropped sequentially from August to September, the outlook for manufacturing over all remains strong, according to the most recent edition of the Manufacturing Report on Business issued today by the Institute for Supply Management (ISM).

Company officials said that these planned changes, which will take effect on January 4, 2015, will provide for increases in current pay rates and reduce the time it takes for its nearly 15,000 drivers to reach top pay scale.

While the economy has seen more than its fair share of ups and downs in recent years, 2014 is different in that it could be the best year from an economic output perspective in the last several years. That outlook was offered up by Rosalyn Wilson, senior business analyst at Parsons, and author of the Council of Supply Chain Management Professionals (CSCMP) Annual State of Logistics Report at last week’s CSCMP Annual Conference in San Antonio.

Matching last week, the average price per gallon of diesel gasoline dropped 2.3 cents, bringing the average price per gallon to $3.755 per gallon, according to the Department of Energy’s Energy Information Administration (EIA).

A number of key topics impacting the freight transportation and logistics marketplace were front and center at a panel at the Council of Supply Chain Management Annual Conference in San Antonio last week.

Article Topics

News · EIA · Diesel Prices · Diesel · All topics

Comments

Post a comment
Commenting is not available in this channel entry.


© Copyright 2013 Peerless Media LLC, a division of EH Publishing, Inc • 111 Speen Street, Ste 200, Framingham, MA 01701 USA