This article has been reprinted from the USDA's March 12 Grain Transportation Report.
For the week ending March 9, the U.S. average diesel fuel price decreased 3.7 cents from the previous week to $2.814 per gallon, 26.5 cents below the same week last year.
Diesel prices have fallen 26.5 cents over the past 9 weeks.
The U.S. Department of Energy’s Energy Information Administration (EIA) reported in its latest Short-Term Energy Outlook that, on March 9, crude oil prices fell 24 percent, below $35 per barrel—the second largest daily decline on record.
This decline followed a March 6 meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its partner countries, “…which ended without an agreement on production levels amid market expectations for declining global oil demand growth in the coming months.”
EIA’s latest forecast for average 2020 diesel fuel prices is $2.54 per gallon, reflecting an assumption of lower global oil demand.