This article has been reprinted from the Feb. 7 USDA Grain Transportation Report.
After more than a 3-month steady decline, during the past two weeks U.S. average on-highway diesel fuel prices leveled out near $2.966 per gallon.
Prices increased only 0.1 cents during the week ending February 4, but were 12 cents below the same week last year.
According to the Energy Information Administration’s (EIA)latest Short-Term Energy Outlook, crude oil prices also fell in November and December after October averages reached the highest level since October 2014.
EIA said, “The price decline in late 2018 largely reflected rising oil inventories as a result of record levels of crude oil production from the United States, Russia, and Saudi Arabia.
"Prices also fell as a result of uncertainties about global economic indicators and future oil demand growth.”