Fuel Price Down Again; Further Decline Uncertain
The price of diesel fuel dropped for the second straight week, to a national average price of $1.224 per gallon. But analysts – even one who for weeks has predicted moderation of oil prices – say this is the not the beginning of a plunge toward February levels.
On Feb. 22, the national average price of diesel fuel stood at a historic low of 95.3 cents. It has risen steadily since then under pressure from production quotas set by the Organization of the Petroleum Exporting Countries.
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The price reported by the Energy Information Administration on Oct. 18 was a full cent below the 1999 high of $1.234, set Oct. 4, and the lowest level in four weeks. (Click here for more fuel price information.)
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The rises have prompted the establishment of fuel surcharges in many quarters of both truckload and less-than-truckload carriage, as well as predictions that some major carriers will see 1999 earnings fall below expectations.
