The national average price of diesel fell for the fourth consecutive week, dropping 17.3 cents to $5.350 per gallon for the week of June 1, according to data from the Department of Energy's Energy Information Administration. The decrease marks the steepest weekly decline since the week of April 20, when the national average fell from $5.608 to $5.403.
The recent slide follows a volatile spring for fuel buyers. For the week of May 25, the average fell 7.3 cents to $5.523, after a 4.3-cent decline the week of May 18 to $5.596. Earlier in May, prices had spiked, with a 28.9-cent sequential jump for the week of May 4 to $5.640, the largest weekly increase since mid-March.
Despite four weeks of declines, diesel remains sharply elevated on an annual basis. The national average for the week of June 1 is up $1.899 from the same week a year ago, and West Texas Intermediate crude is trading near $91.92 per barrel. Prices have stayed high since late February, when joint military strikes by the United States and Israel targeting Iran's nuclear program injected sustained risk into global oil markets.
For trucking fleets, fuel remains one of the largest line-item costs, and the elevated baseline continues to flow through to shippers via fuel surcharges. Carriers operating in the Gulf Coast and Lower Atlantic regions, which include Texas, Louisiana, Georgia and the Carolinas, typically see prices below the national average but have faced the same year-over-year surge.
Source: Logistics Management -- https://www.logisticsmgmt.com/article/national_average_diesel_price_declines_for_the_fourth_consecutive_week_states_eia