National average drops another 13.5 cents to $2.809 for diesel

By Clarissa Kell-Holland, Land Line staff writer | Monday, November 17, 2008

While the U.S. Energy Information Administration is again reporting good news at the pump as the average price for diesel drops to $2.809 per gallon, some truckers are reporting they are having a hard time finding freight right now.

According to the EIA’s report on Monday, Nov. 17, the price of diesel dropped another 13.5 cents per gallon, which is still makes it a little more than 60 cents per gallon higher than this time frame a year ago.

All nine regions are again reporting decreases in fuel prices with only two regions still reporting fuel averages above the $3 range. The Gulf Coast region is reporting the lowest price for fuel at $2.75 per gallon, while the highest diesel prices are again being reported in the New England region at $3.148 per gallon.

Below are the regional prices reported by the Department of Energy. To see a map of the states in each of the listed regions, click here.

  • East Coast: $2.939
  • New England: $3.148
  • Central Atlantic: $3.081
  • Lower Atlantic: $2.847
  • Midwest: $2.788
  • Gulf Coast: $2.750
  • Rocky Mountain: $2.824
  • West Coast: $2.772
  • California: $2.754

 

Energy companies report record income increases
While truckers have been struggling to stay afloat amid slumping profits and low freight rates, the 19 major energy companies are reporting record net income increases – up 82 percent from a year ago – in the third quarter of 2008.

According to the EIA’s Energy Finance Report released last week, the major energy companies’ income netted $48 billion based on consolidated revenues of $428.8 billion in the third quarter.

In other energy news, the EIA announced in its Short-Term Energy Outlook last week that it is sharply cutting its price forecasts for diesel and crude oil for 2009, citing lower world demand in a sluggish economy.

The predicted average price for on-highway diesel will be $2.73 in 2009, which is down $1.08 from its average in 2008.

EIA officials predict that the price of crude oil will average $101.45 per barrel for the remainder of this year, down 9 percent from $111.57, which was previously forecast. In trading on Monday, Nov. 17, crude oil was trading just under $57 per barrel.

The EIA also announced it was lowering its forecast to $63.50 per barrel for oil in 2009, which is down 43 percent from its previous forecast in October.

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