
The fuel cost component of FTR's Trucking Conditions Index recorded the largest negative change in more than three years.
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The increase in crude oil prices – and therefore diesel prices – is led by recovering demand and suppressed supply, the roll-out of the COVID-19 vaccine, and falling inventories, analysts say.
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Oil prices bounced back last week, jumping to more than $30 a barrel. While some see this as a positive, there might be more to consider below the surface, both literally and metaphorically.
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Diesel prices are once again down this week, dropping an average of 39 cents a gallon since last week and by $1.114 since last year.
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After West Texas International (WTI) crude prices almost ended last week with historic low of $17.31 per barrel before eventually settling at $18.27, the benchmark price for crude oil in the U.S. dropped to negative $37.63 late Monday.
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It's possible recent low diesel prices may start heading back up, with news that oil-producing countries plan to cut crude-oil production.
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A sudden war in crude oil prices between Russia and Saudi Arabia could mean a drop in diesel and gasoline prices at American fuel pumps. But the longer-term implications are more worrying.
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New emissions regulations targeting large ocean-going ships could raise fuel prices for trucking fleets at the pump on dry land, says NACFE’s Dave Schaller.
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Despite tensions in the Middle East, average diesel fuel prices last week dropped almost 2 cents from the week before, although they’re still 71 cents higher than a year earlier.
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Expected prices for trucking’s primary fuel as well as for gasoline have been revised higher, due largely to anticipated higher prices for crude oil, according to a new Energy Department report.
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