Diesel prices "stabilized" slightly, but after a breif respite and dip are heading back up once again.
OPEC+ announced a 2-million-barrel-a-day cut in oil production during a meeting on Wednesday, which could send fuel prices back up.
National average diesel fuel prices were $5.57 per gallon as of July 11, 2022. This average price represents a decrease of 10 cents from the prior week and an increase of $2.23 over the same time last year.
Rising costs impact more than just a fleet’s bottom line. When using less fuel isn’t an option, what can fleets do? And how can work truck fleets mitigate continually rising insurance costs?
While fluctuating fuel costs are largely out of our control, there are ways the trucking industry can maximize the fuel efficiency of their fleets.
"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.
Retail fuel prices have never increased so quickly on a percentage basis over a three-week period, according to the Department of Energy.
The national average diesel fuel price of $3.78 per gallon represents a rise of 6 cents from the prior week and $1.06 over last year.
National average diesel fuel prices were $3.66 per gallon as of Jan. 10, 2022, a rise of 4 cents from the prior week and 99 cents over last year.
National average diesel fuel prices were $3.72 per gallon as of Nov. 29, 2021, according to the U.S. Energy Information Administration (EIA).
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