This article has been reprinted from USDA's June 25 Grain Transportation Report.
During the week ending July 22, the average U.S. on-highway diesel fuel price was $3.044 per gallon, 0.7 cents lower than the previous week and 17.6 cents lower than the same week in 2018.
Prices have fallen nearly 13 cents per gallon since mid-May.
The Energy Information Administration (EIA) reports crude oil prices were down approximately 10 percent in June, compared with April and May. EIA’s Short-Term Energy Outlook further explains, “The recent price declines largely reflect increasing uncertainty about global oil demand growth as a result of increasingly weak global economic signals.
"Weakening oil demand, combined with strong supply growth in the United States, has helped build global oil inventories so far in 2019 and has limited any sustained upward pressure on oil prices.”