LITTLE ROCK, Ark. — The average price for a gallon of diesel fuel has risen and fallen over the past several weeks, with this week’s price sitting slightly down.
According to the Energy Information Administration (EIA), as of May 1, the average price is $4.018, down from $4.077 on April 24 and $4.116 on April 17.
The only regions seeing rising prices are in the Rocky Mountains and along the West Coast, where the average price for a gallon of diesel sits at $4.146 and $4.489, respectively.
The lowest price in the U.S. can be found along the Gulf Coast at $3.754 per gallon, according to the EIA.
Meanwhile, oil companies around the world have been reporting bumper earnings in the wake of Russia’s invasion of Ukraine in February 2022, which sent energy prices soaring and curtailed some of Moscow’s supplies to the world.
The fat profits and resulting hefty pay for energy company bosses have spurred demands that the companies do more to protect consumers squeezed by surging energy bills that have sent inflation skyrocketing.
BP said it expected oil demand to “remain elevated” in the second quarter because of a recent decision by some OPEC+ nations to restrict production, combined with strengthening Chinese demand.
The company also has come under fire recently for scaling back its climate goals — watering down its targets for reducing greenhouse gas emissions by a third, while planning to pump more more oil and gas by the end of the decade than it previously forecast.
BP said it earned $5 billion in underlying replacement cost profit in the first three months of the year, up from $4.8 billion in the previous quarter. The figure excludes one-time items and fluctuations in the value of inventories.
The company said the earnings report “reflects an exceptional gas marketing and trading result” and a “very strong oil trading result.”
“This has been a quarter of strong performance and strategic delivery,” CEO Bernard Looney said in a statement.
The Trucker News Staff produces engaging content for not only TheTrucker.com, but also The Trucker Newspaper, which has been serving the trucking industry for more than 30 years. With a focus on drivers, the Trucker News Staff aims to provide relevant, objective content pertaining to the trucking segment of the transportation industry. The Trucker News Staff is based in Little Rock, Arkansas.