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Study shows shippers are prepping for continued increases in fuel prices

Jun 21, 2016 at 11:07 AM CST
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By Jeff Berman, Group News Editor
June 20, 2016

At one point earlier this year, it was easy to see that the average price per gallon on a weekly basis was more or less in free fall mode.

According to the Department of Energy’s Energy Information Administration (EIA), the week of February 23 marked the first time in 15 weeks that the weekly average saw a gain, with a mere 0.3 cent increase to $1.983 per gallon.

While a 0.3 cent gain may not really register in terms of a major increase, since that time diesel prices have mainly heading in one direction: higher. What’s more, diesel prices have cumulatively risen more than 40 cents since that time, too, with prices in the low $2.40 per gallon range at press time. This is in range with the current 2016 average in the EIA’s Short-Term Energy Outlook, which is at $2.34, with the 2017 average estimate currently pegged at $2.69 per gallon.