Tuesday, February 7, 2023
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HomeAg NewsFuel Price Decline Enters 10th Straight Week

Fuel Price Decline Enters 10th Straight Week

The decline in fuel prices has extended to the 10th straight week. Gasoline prices fell 5.1 cents in the last week to $3.86 a gallon, while diesel prices fell 6.3 cents to $4.97 a gallon. The national average gas price is down 51.3 cents from a month ago but 72.2 cents higher than a year ago. GasBuddy’s Patrick D Haan says diesel prices are below $5 a gallon for the first time since March, “likely helping to cool off aggressive inflation numbers.” However, De Hann adds, “The pace of declines is certainly slowing down as oil prices have bounced up slightly.” Thus far, Mother Nature has spared markets from disruptions from hurricanes, but that remains a wildcard as we head into the peak of hurricane season. Oil markets rallied last week as global oil supply continues to tighten, but balancing concerns of an economic slowdown in many major developed countries.

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