Oil drops to lowest since January last year
The average nationwide price of a gallon of diesel fuel dropped to its lowest level since before the start of the meteoric rise in January 2000.
The U.S. Department of Energy’s figure of $1.392 this week also marked the first time fuel had dropped below $1.40 a gallon since last April.
Analysts are still trying to determine what effect, if any, last weekend’s decision by OPEC to cut production by a million barrels a day will have on retail fuel prices.
Such an announcement previously this year would send crude oil prices, and eventually diesel fuel prices, higher. But crude oil futures fell sharply Monday at the New York Mercantile Exchange, as fears over a slowing economy outweighed the OPEC announcement.
Have your say
This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.