Diesel prices drop 6.2 cents, says Energy Information Administration
in the NewsCorrugated recovered for recycling hits all-time high of 93% in 2015 Expanded Panama Canal open for business but questions linger on its ability to be a game changer Brexit impact yet to be measured by U.S. logistics managers Behind KION Group’s acquisition of Dematic UniCarriers Americas executives partner with Roosevelt University More News
Two weeks after the price per gallon of diesel fuel was up for the first time in more than a month, diesel saw its second straight weekly decline, falling 6.2 cents to $3.888 per gallon, according to the Department of Energy’s Energy Information Administration (EIA).
This is the steepest weekly decline in diesel prices since a 6.4 cent decrease the week of May 23, and the prices have fallen a cumulative 23.6 cents since reaching a high water mark of $4.124 per gallon the week of May 2.
Compared to this week a year ago, prices are up 93.2 cents per gallon.
The price per barrel of oil is currently trading at $92.19 on the New York Mercantile Exchange, according to media reports. And a Los Angeles Times report indicated that
“crude oil prices are on such a slide that they could drop back into the low $80s a barrel,” and lower diesel and retail gasoline prices.
As LM has reported, even with the recent decline of diesel prices, shippers and carriers remain concerned about the price of diesel and oil. While many have indicated that prices at current levels are still digestible, they cautioned that could quickly change depending on how quickly prices rise with summer driving season officially here.
And even with declines in prices in recent weeks, the focus from a supply chain perspective for managing fuel price ebbs and flows—for shippers—is more on utilization and efficiency by doing things like driving empty miles out of transportation networks.Logistics Management June 28, 2011
About the AuthorJeff Berman 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!
WMS Update: What do we need to run a WMS? Supply Chain Software Convergence: Synchronization Realized View More From this Issue