During the week ending July 22, the average U.S. on-highway diesel fuel price was $3.044 per gallon, 0.7 cents lower than the previous week and 17.6 cents lower than the same week in 2018.
According to the latest USDA Grain Transportation Report, prices have fallen nearly 13 cents/gallon since mid-May.
The Energy Information Administration (EIA) reports crude oil prices were down approximately 10% in June, compared with April and May.
“The recent price declines largely reflect increasing uncertainty about global oil demand growth as a result of increasingly weak global economic signals," explains EIA’s Short-Term Energy Outlook. "Weakening oil demand, combined with strong supply growth in the United States, has helped build global oil inventories so far in 2019 and has limited any sustained upward pressure on oil prices.”
