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.
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.
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.
It's possible recent low diesel prices may start heading back up, with news that oil-producing countries plan to cut crude-oil production.
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.
Overall national average diesel fuel prices for the U.S. are $3.05 per gallon, dropping about $0.02 from last week and $0.34 compared to 2018.
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.
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.
Trucking is enjoying some of the best business conditions in years, but could rising fuel prices curtail the good times? Analysis by Business Contributing Editor Evan Lockridge
Back on the rise again, the national average diesel fuel price hit $3.04 in April, 9 cents per gallon higher than March and 49 cents higher than same time last year.