Diesel prices fall 3.3 cents, says EIA

Following a 4.6 cent decline last week, the price per gallon for diesel fuel dropped another 3.3 cents this week to $3.931, according to the Department of Energy’s Energy Information Administration

By ·

Following a 4.6 cent decline last week, the price per gallon for diesel fuel dropped another 3.3 cents this week to $3.931, according to the Department of Energy’s Energy Information Administration (EIA).

This marks the third time in the last five weeks the price per gallon has fallen, but the price per gallon as recently as two weeks ago cracked the $4 per gallon mark at $4.01. This marked the first time it had hit that level since checking in at $4.061 on May 16.

As LM has reported, in April and May there were multiple weeks in which the price per gallon of diesel was north of $4, before settling into the $3.70 to $3.90 range for most of the subsequent weeks. And prior to cracking $4 per gallon two weeks ago, the previous week saw the price per gallon spike ten cents, which was the single largest weekly gain since the week of April 11, when the price per gallon increased 10.2 cents to $4.105.

The price per gallon is now 19.3 cents below 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.

On an annual basis, the price per gallon is now up 73.4 cents, which is down from recent comparisons in the mid-80s range.

Meanwhile, the price per barrel of oil reached $102.44 on the New York Mercantile Exchange yesterday, which was its highest level since November 17, before dropping to $101.57, according to an Associated Press report.

Many shippers have told LM they are forecasting for steady fuel increases in their supply chain and transportation budgets should diesel prices continue to hover around the $4 per gallon mark.


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
Making TMS an Enterprise Priority
To get the most out of a TMS investment, numerous parties across the organization should lend their expertise.
Download Today!
From the February 2017 Issue
As the new administration sends waves of uncertainly through the global trade community, this could be the best time ever for shippers to build an investment case for GTM. Here are five trends you need to watch if you’re about to put these savvy systems to work
Carrier Consolidation Keeps Shippers Guessing
Getting Value from the Cloud
View More From this Issue
Subscribe to Our Email Newsletter
Sign up today to receive our FREE, weekly email newsletter!
Latest Webcast
Advance your career with the fastest growing logistics certification – APICS CLTD
During this webcast presenters will give an overview of APICS and the new Certified in Logistics, Transportation and Distribution (CLTD) designation. Learn how the CLTD program can help you stay on top of current trends and advance your career.
Register Today!
EDITORS' PICKS
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...

Logistics Management’s Top Logistics News Stories 2016
From mergers and acquisitions to regulation changes, Logistics Management has compiled the most...
Making the TMS Decision: Ariens Finds Just the Right Fit
The third time is the charm for this U.S. manufacturer on the hunt for a third-party logistics (3PL)...