Diesel Falls Once Again, Down to $1.269
The report, released by DOE’s Energy Information Administration, showed that the price of diesel fell in each of the EIA’s Petroleum Administration for Defense Districts -- the fourth straight week this has occurred. The national average has shed 25.8 cents since Sept. 17.
The price of all petroleum products, not just diesel fuel, has been in a steady decline since mid-September because of a reduction in travel following the terrorist attacks of Sept. 11. Last week, the average price of gasoline fell 2.4 cents per gallon to $1.182.
The price of both gasoline and diesel fuel is of critical importance to the trucking industry because trucks are powered by the two fuels and their cost has a direct impact on the price of providing trucking services.
The price fell by 1.8 cents per gallon on the East Coast and the smallest change in price came along the Gulf Coast where diesel fell only 1.4 cents per gallon.
The largest decline did not come over a full district, but in the West Coast’s subdistrict of California where the price fell 3.7 cents a gallon.
Low oil prices have prompted the Organization of the Petroleum Exporting Countries to try to marshal support for a production cut of as much as 1.5 million barrels of oil per day. The price of Brent crude oil, the benchmark for much of the world’s supply, has consistently hovered below OPEC’s desired $22 per barrel minimum price, news services said.
The EIA surveys about 350 fueling stations at the start of each week, usually on Monday. The observance of Veterans Day pushed the release of the information back a day.
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