OPEC+ announced a 2-million-barrel-a-day cut in oil production during a meeting on Wednesday, which could send fuel prices back up.
The global market that drives skyrocketing fuel prices is out of range of manipulation by the executive branch of the U.S. government, writes HDT Business/Washington Editor Contributing David Cullen.
Fuel prices have skyrocketed since Russia invaded Ukraine. But less than 10% of U.S. oil and gas imports come from Russia. What gives?
Get updates and insights on the top trucking news from March 2022 with HDT Editor in Chief Deborah Lockridge and Managing Editor Vesna Brajkovic on this episode of HDT Talks Trucking.
"Short-term gain, long-term pain," is what one analyst called the White House release of oil from the nation's Strategic Petroleum Reserves in an effort to bring down fuel prices.
Retail fuel prices have never increased so quickly on a percentage basis over a three-week period, according to the Department of Energy.
Driver costs, equipment costs, insurance costs, travel and food costs may have longer-term legs of reducing the purchasing power of your budget, says HDT's Contributing Economic Analyst Jeff Kauffman.
The fuel cost component of FTR's Trucking Conditions Index recorded the largest negative change in more than three years.
After dropping as a result of the COVID-19 shutdowns, national average diesel fuel prices have stabilized in recent weeks. As of June 15, national average diesel fuel prices are sitting at $2.40 per gallon, down $0.67 from the same time last year and up barely 1 cent over last week.
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