Oil Prices

Diesel prices are up 0.6 cents this week to $3.856 per gallon, according to the Department of Energy’s Energy Information Administration.

Diesel prices were up a full dime, with the price per gallon hitting $3.987.

This follows a 0.6 cent decline last week, which was preceded by a 5.8 cent gain over the previous two weeks.

Following two weeks in increasing prices after a month of declines, diesel prices dipped 0.6 cents to $3.862 per gallon, according to the Department of Energy’s Energy Information Administration.

Diesel prices were up for the second straight week following a month of declining prices, increasing 4.8 cents to $3.868 per gallon, according to the Department of Energy’s Energy Information Administration.

Following a cumulative 9.9 cent gain over the previous three weeks, the Department of Energy’s Energy Information Administration (EIA) reported this week that the price per gallon of diesel dropped 1.2 cents to $3.937.

The push for natural gas as a transportation fuel received a major boost this week, with the news that Chesapeake Energy, the second largest natural gas producer in the country, is committing $150 million into Clean Energy Fuels Corp., the largest provider of natural gas fuel for transportation in North America.

Prices dipped 3.8 cents to $3.85 per gallon, following a 6.2 cent decline last week, which represented the steepest weekly decline since falling 6.4 cents the week of May 23.

In an effort to combat high oil prices causes by geopolitical issues in the Middle East, the White House and the United States Department of Energy (DOE) said this week that the U.S. and partner nations in the International Energy Agency will release 60 million barrels of oil.

Diesel prices dropped 6.4 cents this week to $3.997 per gallon, according to the Department of Energy’s Energy Information Administration (EIA). This represents the single largest weekly decline since a 7.3 cent dip from the week of May 24, 2010.

While the current fuel situation may not be as dire as it was during the summer of 2008, when prices hit nearly $5 per gallon and $150 per barrel, shippers are bracing for prolonged pain at the pump, according to the results of a recent Logistics Management reader survey of roughly 250 logistics, supply chain, and transportation executives.

With gas prices making everyone uncomfortable, again, those same old fears about energy prices are back in the forefront. But it does not have to be these way. In fact, it should not be this way—period. That is how T. Boone Pickens, founder and chairman of BP Capital Management, sees it.

Oil has recaptured the attention of the popular press recently, and has done so for one important reason: the price for West Texas Intermediate (WTI)—the benchmark crude stream traded on the New York Mercantile Exchange (NYMEX)—sprinted past $100 in the first week of March and past $110 in the first week of April.