Fuel Price Falls Nearly 2 Cents on 'Wary' Optimism About Spring
The retail price of diesel fuel dropped by 1.9 cents to $1.61 per gallon last week, marking the third straight week of a downturn that now totals six cents and has fueled a kind of wary optimism about prices in the long term.
“There is so much uncertainty,” said Mike McLaughlin, director of product services at Simons Petroleum, a supplier to the trucking industry based in Oklahoma City. “And we still haven’t had that first big cold snap.”
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On one hand, it is difficult to find an observer of the oil market who does not think the first signs of cold weather will send prices back up.
On the other hand, some analysts — including those at the Department of Energy — are beginning to bet that the long-term price trend will be downward — once winter 2000-2001 is history.
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