Diesel prices are down for the seventh straight week, reports EIA

The average price per gallon of diesel gasoline fell for the seventh week in a row, according to the Department of Energy’s Energy Information Administration (EIA).

With a 0.8 cent decrease, this week’s average price per gallon is $3.835 and stands as the lowest price since hitting $3.844 the week of November 25, 2013.

And in the last seven weeks of declines, diesel prices have fallen a cumulative 7.8 cents. On an annual basis, diesel is down 6.5 cents, and it is down 18.6 cents since the week of March 10, which saw prices at $4.021 per gallon.

Diesel prices have been down in 19 of the last 23 weeks.

In its recently-issued Short Term Energy Outlook, the EIA pegged the average price for diesel prices in 2014 at $3.89 and $3.87 in 2015, with crude oil at $100.45 per barrel in 2014 and $96.08 in 2015.

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.