Diesel prices are down for the 12th straight week, according to EIA

The price per gallon this week dropped 3 cents to $3.648, following declines of 5.1 cents and 5.2 cents, respectively, over the last two weeks.

By ·

Diesel prices dropped for the 12th consecutive week, according to data released by the Department of Energy’s Energy Information Administration (EIA).

The price per gallon this week dropped 3 cents to $3.648, following declines of 5.1 cents and 5.2 cents, respectively, over the last two weeks. The current price per gallon stands as the lowest weekly diesel price since the week of February 21, 2011 which was $3.573 per gallon.

Over the past 12 weeks, diesel prices have fallen a cumulative 50 cents, according to EIA data. And this week’s price is 20.2 cents below the average price per gallon at this time last year.

In its recently updated short-term energy outlook, the EIA is calling for diesel prices to average $3.90 per gallon in 2012 and $3.87 in 2013 (down from previous estimates of $4.06 and $4.03, respectively), with oil expected to hit $96.80 in 2012 and $97.00 in 2013 (down from previous estimates of $104.12 and $103.75, respectively).

Oil is currently trading at $ Over the past 11 weeks, diesel prices have fallen a cumulative 47 cents, according to EIA data. And this week’s price is 21 cents below the average price per gallon at this time last year.

In its recently updated short-term energy outlook, the EIA is calling for diesel prices to average $3.90 per gallon in 2012 and $3.87 in 2013 (down from previous estimates of $4.06 and $4.03, respectively), with oil expected to hit $96.80 in 2012 and $97.00 in 2013 (down from previous estimates of $104.12 and $103.75, respectively).

Oil is currently trading at $79.63 per barrel on the New York Mercantile Exchange. AA Dow Jones report said prices could edge up as “some geopolitical risk has returned to the oil market, while hopes that central banks will take aggressive steps to boost their economies also pushed crude prices higher.”

Even with recent declines, shippers continue to keep a watchful eye on fuel prices and are taking steps to reduce mileage and cut down on empty miles. This was made clear at last week’s eyefortransport 3PL Summit in Chicago. Many shippers told LM that they are constantly monitoring fuel prices, as they relate to freight rates and the overall costs of doing business.

And as previously reported by LM, shippers continue to take steps to minimize the impact of fluctuating fuel costs. Over the years, they have maintained that this is imperative as higher diesel prices have the potential to hinder growth and increase operating costs, which will, in turn, force them to raise rates and offset the increased prices to consumers.


About the Author

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. Contact Jeff Berman

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!

Article Topics

Diesel · Diesel Prices · EIA · All Topics
Latest Whitepaper
Finding Agility in your Workforce: Are you prepared to meet the next market shift?
Logistics companies need every advantage available to them to be a vendor of choice and remain competitive
Download Today!
From the April 2017 Issue
Our “33rd Annual Salary Survey” reflects more diversity entering the logistics management market, and in marked contrast to 2016, paints a rosier outlook for career placement and advancement.
Is Your Tractor Trailer Yard a Black Hole?
Information Management: Wearables come in for a refit
View More From this Issue
Subscribe to Our Email Newsletter
Sign up today to receive our FREE, weekly email newsletter!
Latest Webcast
Maximize Your LTL Driver Adherence with Real-time Feedback
This webinar shows how companies are using real-time performance data to optimize the scheduling of their city fleets, as well as the routing of their standard, accelerated and time-critical shipments.
Register Today!
EDITORS' PICKS
2017 Salary Survey: Fresh Voices Express Optimism
Our “33rd Annual Salary Survey” reflects more diversity entering the logistics management...
LM Exclusive: Major Modes Join E-commerce Mix
While last mile carriers receive much of the attention, the traditional modal heavyweights are in...

ASEAN Logistics: Building Collectively
While most of the world withdraws inward, Southeast Asia is practicing effective cooperation between...
2017 Rate Outlook: Will the pieces fall into place?
Trade and transport analysts see a turnaround in last year’s negative market outlook, but as...