Energy Department Predicts Rise in Diesel Prices
According to Work Truck Top News, expected prices for diesel and gasoline have been changed to a higher projection due to "anticipated higher prices for crude oil." Their "Energy Department Raises Diesel, Gasoline Price Forecasts" article explained that a new Energy Department report predicts that the national retail cost of on-highway diesel, including tax, will average at $3.13 for the second quarter. This number is a 6.7% increase from the original Energy Department forecast made a month earlier.
The Energy Department report projected that the average retail cost of on-highway diesel will increase even more in this year's third and fourth quarters, with percentages increasing by 9.5% and 9%, respectively. This will lead to "an average price of $3.17 per gallon in the third quarter and $3.16 per gallon for the fourth quarter." When it comes to the national retail cost of regular-grade gasoline, the forecast cost for all of 2018 is expected to cost $2.79 per gallon, which is "5.4% more than the department was calling for a month earlier."
The reason for these increased prices is due to the expected rise in crude oil cost. World Truck Top News stated that "average prices for both Brent and WTI crude oil are expected to average 10.5% and 11.6% higher in 2018, respectively, than the forecast a month earlier."
This 6.7% increase in pricing is bound to affect the operational costs for all types of vehicles nationwide, including emergency vehicles, service vehicles, utility vehicles, marine vehicles, and more. With this increase in prices, it is imperative for companies that spend a significant amount of money on diesel fuel to take advantage of technologies that can help reduce their usage. Stealth Power's idle-reducing systems are a great example of technology that can reduce diesel usage and increase operational efficiencies. A reduction in unnecessary idling can lead to a decrease in hours of diesel use per vehicle, which reduces fuel costs and vehicle maintenance costs. By ensuring that their fuel usage is kept at a minimum, companies can keep their operational costs down and better equip themselves for future diesel and gas price increases.