Diesel prices dip 0.7 cents to $3.974 per gallon, reports EIA

This decline comes on the heels of two straight weeks at $3.981 per gallon, which represents the highest weekly price since the week of April 1, when it hit $3.993 per gallon. Prior to the matching weeks at $3.981 per gallon, diesel prices rose a cumulative 8.5 cents over the previous three weeks.

By ·

The average price per gallon of diesel gasoline dipped 0.7 cents this week to $3.974 per gallon, according to the Department of Energy’s Energy Information Administration (EIA).

This decline comes on the heels of two straight weeks at $3.981 per gallon, which represents the highest weekly price since the week of April 1, when it hit $3.993 per gallon. Prior to the matching weeks at $3.981 per gallon, diesel prices rose a cumulative 8.5 cents over the previous three weeks.

On an annual basis, diesel is down 16.7 cents, while the weekly price has been up in seven of the last ten weeks.

In its recent update of the short-term energy outlook, the EIA expects the average price of diesel for 2013 to be $3.96 per gallon, just ahead of 2012’s $3.97. For 2014, it expects the average price to be 3.82 per gallon.

Regardless of the fluctuation in diesel prices, shippers are cognizant of the impact diesel prices can have on their bottom line—for better or worse.

And they continue to be proactive on that front, too, by taking steps to reduce mileage and transit lengths when possible as well as cut down on empty miles. And even through shippers want to adjust budgets in order to offset the increased costs higher fuel prices bring, it is not always an easy thing to manage.

The average price of a barrel of crude oil was down to $106.08 on the New York Mercantile Exchange as of press time, down from the $110 range in recent weeks. The Associated Press reported that this decline is due in part to investors prepping for an expected reduction in the U.S. Federal Reserve’s monetary stimulus, adding that prices were also under pressure from the deal on Syria’s chemical weapons and reports signaling the return of Libyan crude to the market.


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
Face security threats head-on. Protect data beyond perimeter.
Traditional Data Loss Protection (DLP) solutions present a number of serious shortcomings and challenges for companies deploying them, creating a clear gap in the market.
Download Today!
From the January 2018 Logistics Management Magazine Issue
Industry experts agree that costs across all sectors worldwide will continue to rise in 2018, and the most successful shippers will be those that are able to mitigate their impact on profitability. And, the right technology will play an increasingly vital role in driving efficiencies across the global logistics network.
The Future of Retail Distribution
Navigating the Reverse Supply Chain for Connected Devices
View More From this Issue
Subscribe to Our Email Newsletter
Sign up today to receive our FREE, weekly email newsletter!
Latest Webcast
Securing IoT data across the connected supply chain
Learn why a holistic approach to IAM is the most effective way to govern access to your systems and information requested by your partners, vendors, customers, and connected devices.
Register Today!
EDITORS' PICKS
State of Global Logistics: Delivering above and beyond
Industry experts agree that costs across all sectors worldwide will continue to rise in 2018, and...
2018 Rate Outlook: Economic Expansion, Pushing Rates Skyward
Trade and transport analysts see rates rising across all modes in accordance with continued...

Building the NextGen Supply Chain: Keeping pace with the digital economy
Peerless Media’s 2017 Virtual Summit shows how creating a data-rich ecosystem can eliminate...
2017 NASSTRAC Shipper of the Year: Mallinckrodt; Mastering and managing complexity
An inside look at how a large pharmaceutical firm transformed its vendor and supplier relationships...