Diesel fuel still a bargain, but truck rates up slightly
Giving truckers a price break, the cost of diesel fuel has declined substantially over the past year.
The U.S. average price of diesel fuel was $2.43 per gallon on Aug. 17, according to the Energy Information Administration. That is 19% lower than the price on Aug. 19 in 2019, according to the administration.
The average U.S. price per gallon of diesel over the past year, according to the Energy Information Administration:
- August 2019: $2.99;
- September 2019: $3.08;
- October 2019: $3.05;
- November 2019: $3.07
- December 2019: $3.04;
- January 2020: $3.04;
- February 2020: $2.88;
- March 2020: $2.66;
- April 2020: $2.48;
- May 2020: $2.48;
- June 2020: $2.43;
- July 2020: $2.43;
- August 2020: $2.43.
Despite the reduction in diesel fuel costs, spot rates for refrigerated trucks have risen over the past year.
According to DAT Solutions, the average spot rate for refrigerated trucks in August this year was $2.43 per mile, up from $2.30 per mile in July, $2.16 in June, and $2.03 in May. Spot refrigerated truck rates hit a low of $1.93 per mile in April.
Since May, truck rates have increased to many destinations. For shipments of carrots from California’s Kern County to Boston, truck rates rose from $5,900 per load in early May to as high as $8,700 in late July. Average truck rates then settled to $7,800 per load by Aug. 22.
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