During the week ending April 13, U.S. on-highway diesel fuel prices fell 4.1 cents per gallon to $2.507. Prices have fallen each week since January 14, with declines totaling 56.2 cents per gallon, or 19 percent.
In March, down $24 per barrel from average February prices, crude oil prices averaged $32 per barrel, constituting the lowest monthly average since January 2016.
According to the Energy Information Administration’s latest Short-Term Energy Outlook, crude oil price declines since early 2020 are largely driven by the economic contraction caused by COVID-19.
The price declines were also spurred by the sudden increase in crude oil supply after the Organization of the Petroleum Exporting Countries (OPEC) and partner countries suspended previously agreed on production cuts.
Information provided by the USDA Grain Transportation Report.
