In The News

Diesel Prices Down, Oil Recovering From Significant Fall

National on-highway diesel prices fell by 2 cents from last week to $4.104, according to the Energy Information Administration.

All regional prices fell except the Rocky Mountains, which showed no change. The Gulf Coast experienced the biggest fall, down 3.8 cents to $4.022, the cheapest nationwide.

Crude oil fell 15 percent last week, the largest weekly decline since December 2008, settling at $97.18 on Friday afternoon. Prices gained $5.37 on Monday, settling at $102.55, well below last week's $113.52.

Oil may continue to rise this week in response to recent floods. High water threatens to close oil operations in the New Orleans-to-Baton Rouge region, which has 11 refineries with a combined capacity of 2.5 million barrels a day, or 13 percent of U.S. output. The Mississippi River is expected to crest on Monday in Memphis, Tenn., just below the 1927 record of 56.2 feet.

According to GE Capital Fleet Services, corporate fleet managers rated volatile fuel prices as their top concern in 2011. In a survey of 105 fleet managers conducted recently at the 2011 NAFA Institute & Expo in Charlotte, N.C., 29 percent said the recent fuel price spike has made the issue their biggest worry - up 12 percent from last year.

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