LITTLE ROCK, Ark. — The average price for a gallon of diesel fuel in the U.S. has been steadily declining — albeit slow and steady — over the past few weeks.
According to the Energy Information Administration (EIA), the average price for a gallon of diesel was $4.444 as of Feb. 13. That’s down from $4.539 on Feb. 6 and $4.622 on Jan. 30.
According to industry analysts, prices are likely to continue to drop as U.S. diesel reserves, which were once badly depleted, are now filling up once again because of falling demand. Diesel demand by truckers fell off at the end of 2022 as high inflation impacted U.S. demand for goods.
The Cass Freight Index for December, which measures cross-country shipments, showed a 3.9% year-over-year decline in shipments. In addition, the Cowen/AFS Freight Index showed a 13.7% year-over-year drop in truckload volumes for the fourth quarter of 2022.
“This week was supposed to be when diesel prices blew out to the moon, but that’s not close to what happened,” Bob Yawger, director of energy futures at Mizuho, told Reuters.
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.