Diesel Prices Drop Again: Down 18 Cents in a Week

What happened

Diesel prices dropped again this week, and it is the second drop in a row. The national average for diesel fell to $6.199 a gallon, says the U.S. Energy Information Administration (EIA). The Trucker reported the numbers on Tuesday, Oct. 6.

Here is the quick view:

• National average: $6.199 a gallon, down from $6.382. That is about 18 cents less.
• The week before: prices fell 14 cents.
• Every region went down. None of the regions the EIA tracks went up.
• Lower Atlantic: $5.699, down more than 25 cents from $5.953.
• Midwest: $6.286, down 24 cents from $6.526.

Crude oil also slipped. On Tuesday, U.S. crude was $87.91 a barrel, down 1.7%. Brent, the world price, was $99.07, down 1.3%. Brent is still much higher than in late February, when it was about $72.

Experts at ING said more oil is moving out of the Persian Gulf again. But they also said the market is still nervous about new problems with supply.

What it means for owner-operators

Fuel is one of the biggest bills an owner-operator pays. Two weeks of drops add up to about 32 cents a gallon off the national average. If your truck burns a lot of fuel each week, you will feel that.

Diesel is still high compared with earlier this year. And prices can turn back up fast if oil supply gets shaky again. So this is good news, but not a reason to stop watching your costs.

Lower fuel also helps your cash flow. Money you do not spend at the pump can go to maintenance, payments or a cushion for slow weeks.

What to do next

• Track your cost per mile. Update your numbers with this week's fuel price so you quote loads right.
• Check your fuel surcharge. If you get a fuel surcharge, make sure it follows the real price.
• Shop your fuel. Prices are not the same at every stop. Use a fuel app or your fuel card discounts.
• Save some of the difference. Put part of what you save into a repair or emergency fund.
• Protect what keeps you rolling. A truck that is down earns nothing. Our trucking insurance coverage guide explains how coverage can help when the unexpected happens.

We will keep watching diesel prices and share what changes each week.