Trucking’s fuel falls
Trucking’s main fuel falls for the seventh straight week, but three-week string of double-digit declines ends. With the U.S. average for trucking’s main fuel dropping another 5.9 cents to $4.537 per gallon. The decline wasn’t by double digits, as it had been the three prior weeks, but the 5.9-cent drop marked the seventh week in a row of cheaper diesel than the prior week.
The fuel dropped again in every region of the country that EIA measures. Drops in crude oil prices, decreases in wholesale and retail margins, along with increased refinery output continues to chip away at historically high prices this year. Crude hovered around $120 just a few months ago, but West Texas Intermediate and Brent this week both floated around $80 a barrel as they have for several weeks in a row.
The Rocky Mountain region, where diesel was down 11.5 cents to $4.745 a gallon the week of Dec. 26, paced the decreases in the price of diesel nationwide, while the East Coast, where it was down only 3.9 cents to $4.808 a gallon, brought up the rear. In between, trucking’s main fuel dropped 7.5 cents to $4.402 a gallon in the Midwest, it fell 7 cents to $5.068 on the West Coast, and the decrease was 4.1 cents to $4.164 along the Gulf Coast.
Despite all the good news about diesel this holiday season, the U.S. average for diesel still is 92 cents above where it sat last December, placing a heavier burden on freight-hauling fleets, large and small. But better news might be ahead for trucking’s main fuel in 2023.
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