Fleet Owner
Image

Fuel prices keep inching up

July 17, 2012

Despite a less-than-rosier outlook for the global economy and for freight volumes, gasoline and diesel fuel prices in the U.S. stayed on an upward trend this week although at a much slower pace.

The average U.S. price for diesel inched up 1.2 cents this week to $3.695 per gallon, according to data tracked by the Energy Information Administration (EIA). Prices increased in every region of the U.S. except for the Rocky mountain area, which recorded a decline of 8/10ths of a penny per gallon.

Overall, however, the average cost for diesel in the U.S. remains well below last year’s figures, EIA noted, with this week’s price 22.8 cents cheaper per gallon compared to the same week in 2011.

The U.S. average price for gasoline also increased this week, the agency said, albeit just 1.6 cents to reach $3.427 per gallon. Prices were up in every U.S. region except for three: the Midwest, which registered a 2.2 cent per gallon decline; the Rocky mountains, where prices dipped 4.2 cents per gallon; and California, where prices fell 2.9 cents per gallon.

Yet compared to the same week in 2011, the current U.S. average price for gasoline is 25.5 cents cheaper per gallon, according to EIA’s figures.

Where longer-term trends are concerned, the EIA noted this developing bright spot: the Permian Basin—a long-time oil and natural gas producing region in western Texas and eastern New Mexico—is showing signs of new life.

The agency reported that the basin’s active oil rig count has grown from 100 rigs in mid-2009 to over 500 rigs by May this year, with oil production  passing the 1 million barrels per day (bbl/d) threshold in 2011 – the first time the basin recorded such production levels since 1998. 

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

The Road Ahead: 2025 Trucking and Fleet Insights

Discover how fleet operators are impacted by challenges like driver onboarding delays and complex compliance, and the critical need for technology to boost efficiency and cut ...

Driving Growth: How to Manage More Freight

Ready to grow your trucking business? Whether you have 25 or 200 trucks, this guide offers practical tips and success stories to help you expand with confidence. Discover how ...

How to Maximize Fleet Management with Vehicle Bypass

Join us on February 18th to learn how truck weigh station bypass systems boost fleet performance and driver satisfaction.

Optimizing your fleet safety program using AI

Learn how AI supports fleet safety programs with tools for compliance monitoring, driver coaching and incident analysis to reduce risks and improve efficiency.