Diesel prices fall for the fifth straight week, reports EIA
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Diesel prices dropped for the fifth straight week, with the average price per gallon falling $0.3 to $3.838 per gallon, according to the Department of Energy’s Energy Information Administration (EIA).
With this most recent decline, diesel is now at its lowest average price per gallon since the week of July 30, which was $3.796.
Prior to this week, prices fell 0.8 cents, 2 cents, 1.1 cents, and 1 cent, respectively, over the previous four weeks for a cumulative 5.2 cent decline.
The four straight weeks of declines were preceded by a two-week stretch which saw prices rise a cumulative 4.5 cents. And 2 cent decline two weeks ago was the largest decline since a 3.6 cent decline during the week of April 29, according to EIA data.
Prior to the two-week stretch of increases, diesel prices declined for ten straight weeks and dropped a cumulative 31.4 cents. Prior to the previous ten weeks of declining prices, diesel prices rose a cumulative 26.5 cents over a six week span. And on an annual basis, the average price per gallon is down 1.7 cents.
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.
Shippers have told LM that adjusting budgets is only part of the solution when it comes to dealing—and living—with fuel price fluctuation.
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