US Diesel and Jet fuel prices decline during third quarter
The US Department of Energy’s latest report on oil prices depicts a steady decline from highs earlier this year. The report written by the Energy Information Administration (EIA) announced crude oil reached a 2011 high during second quarter; when a barrel of oil averaged $102.22. For third quarter, however, a barrel of oil had dropped to $89.72. The drop in oil may be attributed to fears of a possible recession.
The US average retail diesel fuel (including taxes) declined during the third quarter to $3.86 per gallon from $4.01 per gallon in the second quarter. It is estimated this trend will continue into the fourth quarter as the EIA projects average retail diesel fuel to decline further to $3.72 per gallon, before slightly increasing to $3.75 per gallon in first quarter of 2012. On an annual basis, the EIA expects US retail diesel fuel prices will average $3.80 per gallon in 2011 and $3.73 per gallon in 2012.
Diesel fuel wholesale prices also declined during third quarter to $3.06 a gallon on average, down from second quarter’s average $3.16 per gallon.
Declines in jet fuel refiner prices were also noted for third quarter. Average refiner price per gallon during the quarter was $3.06 down from $3.22 per gallon during the second quarter.
According to the US Bureau of Transportation Statistics, US air carriers spent $31.94bn for fuel through the first eight months of2011, compared to $24.23bn for the same period in 2010.
Looking ahead, the EIA expects both diesel and jet fuel prices to see little change, with some slight monthly fluctuations (see Ti Dashboard – Diesel Prices: USA and Jet Fuel Prices: USA) throughout the end of this year and into the first quarter of 2012. This, hopefully, will allow for more constant and stable rates from both truck and air carriers.
Quelle: eyefortransport
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