The price of diesel fuel dropped for the second straight week, to a national average price of $1.224 per gallon. But analysts – even one who for weeks has predicted moderation of oil prices – say this is the not the beginning of a plunge toward February levels.
The price reported by the Energy Information Administration on Oct. 18 was a full cent below the 1999 high of $1.234, set Oct. 4, and the lowest level in four weeks. (Click here for more fuel price information.)
On Feb. 22, the national average price of diesel fuel stood at a historic low of 95.3 cents. It has risen steadily since then under pressure from production quotas set by the Organization of the Petroleum Exporting Countries.
The rises have prompted the establishment of fuel surcharges in many quarters of both truckload and less-than-truckload carriage, as well as predictions that some major carriers will see 1999 earnings fall below expectations.
For the full story, see the Oct. 25 print edition of Transport Topics. .
