OPEC+ announced a 2-million-barrel-a-day cut in oil production during a meeting on Wednesday, which could send fuel prices back up.
"Short-term gain, long-term pain," is what one analyst called the White House release of oil from the nation's Strategic Petroleum Reserves in an effort to bring down fuel prices.
Russia’s invasion of Ukraine could have ripple effects throughout the supply chain and trucking, as oil prices have soared and cyber security experts say cyber attacks won’t likely remain inside Ukraine’s borders.
Diesel and crude oil prices are the highest recorded in years as consumption surges in the U.S.
Diesel prices are once again down this week, dropping an average of 39 cents a gallon since last week and by $1.114 since last year.
Despite tensions in the Middle East, average diesel fuel prices last week dropped almost 2 cents from the week before, although they’re still 71 cents higher than a year earlier.
Expected prices for trucking’s primary fuel as well as for gasoline have been revised higher, due largely to anticipated higher prices for crude oil, according to a new Energy Department report.
The outlook for national average on-highway diesel prices is for them to be higher this year and in 2019 than they were last year and in 2016, but they should at least be fairly stable during this time, according to the latest Short Term Energy Outlook from the U.S. Energy Department.
The price of diesel fuel in the U.S. increased to its highest point since June of 2015. Crude oil prices also experienced a similar spike after news broke of a corruption scandal in Saudi Arabia.
As a result of the flood damage caused by Hurricane Harvey, fuel prices are rising across the country – but curiously, crude oil prices have dropped at the same time.
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