Subscribe to our free, weekly email newsletter!


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

By Jeff Berman, Group News Editor
April 10, 2012

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 headshot
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. .(JavaScript must be enabled to view this email address).


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

Panjiva, an online search engine with detailed information on global suppliers and manufacturers, recently said it is opening up the “vault,” so to speak. The vault in this case is making its copious amount of trade data accessible through an Application Programming Interface (API), which enables customers to extract Panjiva’s trade data into their own database.

Freight transportation and logistics services provider Averitt Express recently announced it has rolled out improved transit times for less-than-truckload (LTL) service from the Midwest to Toronto and other cities.

Data issued by the National Retail Federation lowered its 2014 retail sales forecast, due to a slow first six months of the year (and largely negatively influenced by the terrible winter weather), but noted that retail sales are expected to be strong over the next five months to finish the year.

Anne Ferro, a ferocious advocate for greater truck safety and a constant thorn to truck drivers and some unsafe trucking fleets, says she is leaving as administrator of the Federal Motor Carrier Safety Administration. No successor has been immediately named.

Data issued by the National Retail Federation lowered its 2014 retail sales forecast, due to a slow first six months of the year (and largely negatively influenced by the terrible winter weather), but noted that retail sales are expected to be strong over the next five months to finish the year.

Article Topics

News · EIA · Diesel Prices · Diesel · All topics

Comments

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


© Copyright 2013 Peerless Media LLC, a division of EH Publishing, Inc • 111 Speen Street, Ste 200, Framingham, MA 01701 USA