Diesel fuel prices dropped 1.9 cents a gallon this week, according to the Department of Energy (DOA), following a downward trend in July. The average price of diesel is now $3.894 a gallon across the country, but truckers are still paying over $4 a gallon in many areas, including New England, the central Atlantic coast, and California.
Although diesel has declined 2.6 cents in July, prices rose 8.3 cents in the last two weeks of June. Before the June increase, diesel had been declining for weeks.
Prices have been going up and down for some time, with Truckers on the west and east coasts paying the most. Truckers are paying the least for diesel in America’s heartland—$3.837 a gallon in the Midwest, and $3.896 a gallon in the Rocky Mountain region.
Why are diesel prices fluctuating?
Diesel prices are typically tied to the price of crude oil, which has also been fluctuating a great deal over the past few months. For example, while Benchmark U.S. crude went up 8 cents to $100.91, The Nymex crude went down 3.1 percent and Brent crude gained 45 cents. It’s hard to predict any upward or downwards trend when crude prices are so inconsistent across the board.
To calculate the national averages, the DOA surveys 400 diesel stations and 800 gasoline stations each week.
Continue checking with FleetServ’s blog for updates on the trucking industry and for helpful tips on managing your fleet of vehicles. Read our recent post on how to improve your diesel engine’s fuel economy, saving you money at the pump.