Diesel Prices Continue to Drop – DOE Expects Increased Consumption
Diesel prices have declined for the seventh consecutive week, and 12 of the past 13 weeks, and the trend has had positive effects on the trucking industry. Lower gas prices leads to cheaper shipping, increased work hours, and extra hiring opportunities.
The week ending January 14, 2013 concluded with diesel down 1.7 cents to $3.894 per gallon, although it is still 4 cents higher than the same week last year.
The Department of Energy (DOE) Information Administration’s Short-Term Energy Outlook predicts that diesel will be 10 cents cheaper in 2013 than 2012 and 9 cents cheaper in 2014 than in 2013.
Gas usage in the United States has been steadily decreasing for the past few years, the DOE reports, but a turnaround is expected. These reduced prices even account for more gasoline consumption in 2013.
When diesel prices are lower, everyone involved in the trucking industry wins; customers, employees, and business owners.