Diesel prices inch up to highest mark since August 2008 with $0.6 cent increase

Diesel prices resumed its growth path this week, increasing $0.6 cents to $4.148 cents per gallon and remaining above the $4 per gallon mark for the seventh straight week, according to the Department of Energy’s Energy Information Administration (EIA).

By ·

Diesel prices resumed its growth path this week, increasing $0.6 cents to $4.148 cents per gallon and remaining above the $4 per gallon mark for the seventh straight week, according to the Department of Energy’s Energy Information Administration (EIA).

The current price per gallon marks the highest level for diesel prices since hitting $4.208 per gallon the week of August 18, 2008, when diesel prices were on the way down from record highs just weeks earlier, with the week of July 14, 2008 representing the apex for diesel prices at $4.764 per gallon.

Diesel prices have been up in 12 of the last 14 weeks and have gone up a cumulative 36.5 cents during that period, according to EIA data.

As prices continue to rise, the gap in annual price per gallon comparisons continues to narrow, with this week’s price up 7 cents compared to last year. 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.

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 for oil is currently at $101.78 on the New York Mercantile Exchange. An Associated Press report noted that weak U.S. jobs figures and expectations of growing crude oil stockpiles raised the prospect that U.S. demand will remain tepid.


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
Top 5 Trends in Enterprise Labeling
Supply chains and the solutions used for managing them have become increasingly important as businesses become more global and interconnected.
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)...