Is there a diesel fuel shortage? Low diesel stockpiles don't mean the country will run out, but they do mean higher diesel prices, especially in the Northeast where stocks are the lowest and diesel faces competition from fuel oil.
OPEC+ announced a 2-million-barrel-a-day cut in oil production during a meeting on Wednesday, which could send fuel prices back up.
"It becomes about budgeting so we are not going back to the City Council asking for more money in the Fuel budget as it becomes a number that you cannot control," Fort Wayne Director of Fleet Operations Larry Campbell said.
National average diesel fuel prices were $2.50 per gallon as of Nov. 30, 2020, according to the U.S. Energy Information Administration. This uptick is higher than prices in late June and late August and is reaching peaks not seen since mid April.
National U.S. average diesel prices are down $0.04 from the week prior and $0.61 from one year ago, hitting $2.51 per gallon as of April 13, 2020.
The national average gasoline price increased 1 cent to $2.85 with Hurricane Florence approaching the East Coast with an expected landfall between South Carolina and Virginia later this week.
Lower than earlier forecast crude oil prices are expected to translate into continued low prices at the pumps for both diesel and gasoline, according to a new U.S. Energy Department report.
The national average gasoline price continues to move lower, falling to a level not seen since the Independence Day holiday in 2005, according to AAA.
The price of diesel fuel in the U.S. increased for the first time in a month, ending a streak of three straight weeks of price drops, according to the latest numbers from the Energy Department
The price of diesel fuel in the U.S. fell again last week, bringing the price to its lowest level since Mid-December when the average price was $2.49 per gallon.
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