The U.S. Department of Energy reports the average retail price of diesel fuel remained relatively stable for a second week, following a recent rise of 2.3 cents, leaving diesel close to where it was when the year began. Meanwhile, the average gasoline price increased for the fourth consecutive week, rising 6.3 cents a gallon to $1.847 as of a January DoE survey.
The national diesel average has been gradually sliding since it hit a record $4.764 a gallon in July 2008. Based on the weekly use of trucking’s main fuel, which American Trucking Associations puts at 752 million gallons, fleets are spending $732.4 million a week less than the same week of 2008 because of the 97.4-cent-a-gallon drop in diesel.
However, continued volatility in oil markets means prices won’t necessarily stay low for long. Daily prices for crude remain fairly volatile and implications from trading are that it could become more so. In recent trading the price of crude varied between $38.74 and $43.43 a barrel, continuing a monthly pattern that drove prices to nearly $49 a barrel as recently as one month ago.
Industry experts tend to agree that the real question is not whether fuel costs will rise again, but when, and by how much.
Regardless of the price, one thing remains certain – fuel costs will remain a major expense for companies who rely on the transportation of goods to meet their customers needs.
Learn more on how these and other transport-related expenses affect your bottom line, and how Diligent Delivery Systems can help.