Diesel prices have finally fallen for the first time in seven weeks, dropping 2.9 cents to $4.13 a gallon. Gasoline also fell for the first time all year, according to Department of Energy (DOE) records. To be exact, gas prices fell 2.3 cents to $3.759 a gallon, the first decline since December 24th. Diesel’s first decline since January 14th has left prices 3.6 cents more than it was the same week last year, yet gasoline is currently 3.4 cents less than it was a year ago.
So, what does this mean for the trucking industry?
Trucking’s main fuel gained 26.5 cents during its last six increases, including a 23.2 cent rise last week which reached the highest February level ever recorded, $4.159 per gallon. According to DOE records, this was the highest price recorded since a more reasonably timed, mid-summer high in August 2008. Gasoline had been on-the-rise for 11 straight gains, jumping a total of 53 cents.
The dramatic declines were the effects of last week’s lowered oil prices which dropped to nearly $90 a barrel on the New York Mercantile Exchange for the first time since December. On Monday, crude fell 56 cents, finishing the trading day at the lowest Nymex closing price since December 24th at $90.12 a barrel, according to Bloomberg News reports.
DOE surveys roughly 350 diesel filling stations every week to compile these national averages.
