Subscribe to our free, weekly email newsletter!


Diesel prices head up 1.7 cents, says EIA

By Staff
February 22, 2012

Following a nearly 9 cent bump during the week of February 13, the price per gallon of diesel headed up 1.7 cents this week to $3.96 per gallon, according to the Department of Energy’s Energy Information Administration (EIA).

This is the fourth straight week and the sixth time in the last seven weeks prices have gone up. And over the past seven weeks prices have gone up a cumulative 17.7 cents, which was preceded by a cumulative 22.7 decline over the previous six weeks.

On an annual basis, the price per gallon is up 38.7 cents. This is down sharply from comparisons in the mid-80s range just a few months ago. And while prices have largely been trending down prior to this recent increase, shippers have maintained that they are forecasting for steady fuel increases in their supply chain and transportation budgets should diesel prices continue to hover near or at the $4 per gallon mark.

The EIA recently reported that in its Short-Term Energy Outlook the 2012 average for diesel is up six cents from January at $3.91 per gallon, with 2013 pegged at $3.99. The 2011 average was $3.84.

As LM has reported, shippers continue to take steps to minimize the impact of fluctuating fuel costs. Over the years, they have maintained that this is imperative as higher diesel prices have the potential to hinder growth and increase operating costs, which will, in turn, force them to raise rates and offset the increased prices to consumers.

The price per barrel of oil was at $106.36 on the New York Mercantile Exchange earlier today, which remains in line with prices in recent weeks fluctuating around the $100 per barrel mark.

The Associated Press reported that oil prices continue to rise amid concern that conflict over Iran’s nuclear program could lead to global crude supply disruptions.

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!

Recent Entries

2014 was a very good year for the Port of New Orleans, and officials there are forecasting an even more robust cargo scenario in 2015.

Many material handling systems used today are beginning to show their age. What were once considered brand new systems are now deteriorating and fighting to stay current.

The Association of Asia Pacific Airlines (AAPA) reports that air cargo services ramped up again in February.

U.S. carloads were down 2.4 percent annually at 284,618, and intermodal volume was up 6.7 percent compared to the same week as last year at 277,854 trailers and containers.

Article Topics

News · EIA · Diesel Prices · Diesel · All topics

Comments

Post a comment
Commenting is not available in this channel entry.


© Copyright 2015 Peerless Media LLC, a division of EH Publishing, Inc • 111 Speen Street, Ste 200, Framingham, MA 01701 USA