Diesel Price Remains the Same

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The national average price for diesel fuel remained the same last week, leading analysts to cautiously forecast an end to the volatile swings of the previous months.

The May 3 price of $1.078 a gallon marked the first time in about three months that the cost held steady for two weeks. The last time that occurred was Feb. 8, when the price stayed at 96.2 cents a gallon, according to the Department of Energy.

This year started with diesel fuel at 96.5 cents a gallon. The price dropped to the lowest level in at least five years on Feb. 22, when truckers paid an average of 95.3 cents at the pump. Prices rose steadily after that and have remained above $1 a gallon since March 15.

Problems at refineries in California and an agreement to cut production among members of the Organization of Petroleum Exporting Countries contributed to the jump in both diesel and gasoline prices nationwide, experts said.

However, since topping out at $1.084 a gallon on April 12 — well above the “trigger point” for surcharges in the contracts of many truckload carriers — prices have fallen.

Randall Nottingham, a senior economist with Standard & Poor’s DRI energy forecasting and consulting unit, said preliminary reports put compliance with OPEC’s planned production cuts at 83%.

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