Diesel Cost Takes a Short Dive
The trucking industry breathed a collective sigh of relief as the diesel fuel price fell this week for the first time in 18 weeks.
But several analysts point to a quota on fuel supplies imposed by the Organization of the Petroleum Exporting Countries as an indication that prices will either remain steady or continue to rise. Just how closely OPEC members adhere to the quota could determine how much truckers pay for fuel this winter.
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The Energy Information Administration announced Oct. 11 that the national average price for diesel was $1.228 a gallon, down from $1.234.
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Although last week’s 0.6-cent drop is small, it reverses an upward trend that started June 14, when diesel jumped 0.9 cents to $1.068 a gallon. Since then, the price of fuel has gone up an average of almost 1 cent each week. The price of diesel is still 16% higher than it was on June 7, when it stood at $1.059. (See Fuel Chart, p. 7)
