Diesel prices are up for third time in four weeks, says EIA
January 31, 2012
Following a 0.6 cent gain last week, diesel prices are up 0.2 cents this week at $3.85, according to the Department of Energy’s Energy Information Administration (EIA).
Prior to prices seeing gains throughout most of the last four weeks, diesel prices were down six straight weeks for a cumulative 22.7 cent decline.
Compared to a year ago at this time, diesel is up 41.2 cents, which is down from comparisons in the mid-80s range just a few months ago. And while prices have largely been trending down prior to this recent increase, shippers have maintained that they are forecasting for steady fuel increases in their supply chain and transportation budgets should diesel prices continue to hover near or at the $4 per gallon mark.
As LM has reported, 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.
The price per barrel of oil was at $100.30 on the New York Mercantile Exchange earlier today, which is in line with prices in recent weeks fluctuating around the $100 per barrel mark.
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