Diesel fuel prices declined for a second straight week, dropping 4 cents to $3.897 a gallon, the Department of Energy said Monday.
Diesel fuel prices are now 90.6 cents higher than the same week last year, DOE said following its weekly survey of filling stations. This is still a lot better for fleet fueling than we had a couple of months ago.
Fleet fuelings downturn mirrors oil prices that have nosedived in the past two trading days, along with plunging stock markets.
Crude oil fell to an almost nine-month low $81.31 a barrel Monday on the New York Mercantile Exchange, the lowest closing price since Nov. 23, Bloomberg reported.
After falling more than 500 points Thursday, the Dow Jones Industrial Average was down another 500 points as stock markets moved toward their close on Monday, following the U.S. government’s credit-rating downgrade late Friday by one of three major credit-rating agencies, news reports said
Diesel fuel prices are now 22.7 cents below the year’s high of $4.124 set May 2, which was the highest national average in more than two-and-a-half years.
With the major drops in crude oil over the last week, we should be able to expect a 20-30 cents discount on diesel fuel prices and at the gas pumps.
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