LITTLE ROCK, Ark. — The average price for a gallon of diesel fuel in the U.S. is down for the sixth consecutive week, according to the Energy Information Administration (EIA).
At $4.596, the price is the lowest since February.
The price of crude oil is one of the main drivers of gas prices and it has fallen sharply since the summer. Between March and June the price of West Texas Intermediate crude oil traded above $120, but it has fallen to $71 in December.
According to economists, since the global economy has slowed oil demand has dipped as economic output has fallen.
The expectation of lower demand has pushed oil prices down, which affects the cost of fuel for consumers.
However, the price of oil is based on many global factors.
An official with the AAA cautioned that the nation could see higher prices if there is a sudden increase in the demand for oil.
“We just have to continue watching oil prices because they remain volatile and as we saw in the spring, if oil prices spike to $100 per barrel, gas prices will follow suit,” said Devin Gladden, spokesperson for AAA. “A lot will depend on how the geopolitical tension continues to unfold throughout the winter.”
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.