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The average price of a gallon of on-highway diesel fuel was down for the fifth week in a row according to the latest numbers from the U.S. Energy Department.
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While it’s hard to say just how low the retail price of diesel will go, what is fairly certain is the trend line in place since last autumn will continue to run its positive course at least through the rest of the year.
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Other than enjoying lower fuel costs, how can trucking companies take advantage of current low prices for diesel fuel?
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FTR has announced that registration is open for its first "virtual conference." The event is scheduled for April 7th and will include discussions and question-and-answer sessions on important topics in trucking.
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FTR’s Trucking Conditions Index for November, at a reading of 8.98, reflects dropping fuel prices, according to the transportation research firm. Strong freight volumes from a good Christmas shopping season also helped.
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Since the summer, the price of oil has plummeted 50 percent, hitting its lowest level in more than five years about a week before Christmas. Diesel has fallen from a yearly high of $4.021 in March to $3.419 in mid-December.
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The U.S. Energy Information Administration expects the price of a gallon of diesel to continue falling in 2015 due to lower crude oil prices and weakening demand.
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Margin management and fuel invoicing were at the top of the list of business priorities in the second annual Eye on Energy survey conducted by FuelQuest.
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Expect the cost of on-highway diesel to average $3.81 per gallon this year, 11 cents less than 2013’s average price. The new monthly U.S. Energy Department Short-Term Energy Outlook is calling for the price to be even less in 2015, averaging $3.72 per gallon.
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The average cost of diesel in the United States started off 2014 slightly higher than where it ended last year, according to a weekly U.S. Energy Department report and is also at its highest level since late September.
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