Diesel prices fall for third straight week, reports EIA
May 20, 2014
The average price per gallon of diesel gasoline dipped 1.4 cents to $3.934 per gallon, according to the Department of Energy’s Energy Information Administration (EIA).
This follows declines of 1.6 cents and 1.1 cents, respectively, over the previous two weeks, which were preceded by gains of 0.4 cents and 1.9 cents, respectively, for the first weekly increases since the week of March 10, which saw a 0.5 cent increase to $4.021, which marked the highest weekly price in a year. Even with these recent declines, the current average price per gallon of $3.934 is only 8.7 cents less than the year-to-date high of $4.021.
On an annual basis, diesel is up 4.4 cents and on a year-to-date basis (since January 6) is up 2.4 cents.
As LM has reported, with prices continuing to hover around the $4 per gallon mark adjusting budgets is only part of the solution when it comes to dealing—and living—with fuel price fluctuation, according to shippers.
In some cases they look for hedge diesel prices when it is applicable, shippers have told LM. This involves committing to a certain price on fuel at which pay to a certain rate at which point it is frozen at that rate for the shipper. And it also requires shippers to be focused on keeping their drivers on the road as much they can and being profitable and not in detention.
Other steps being taken by shippers to combat high fuel prices include things like focusing more on utilization and efficiency by doing things like driving empty miles out of transportation networks.
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