Lower Fuel Prices Helping Industry Growth
The recent drop in fuel and diesel prices are great signs for all truck drivers. Lower fuel prices are benefiting drivers and companies. With prices expected to continue to fall up to another 20 cents on the gallon, it’s continued good news for the transportation industry.
As the trucking industry continues to grow and trucking companies have stock at record highs, the lower fuel prices are also helping with demand. The drop in gasoline prices over the last month was typical for the time of year, said Ragina Cooper Averella, manager at AAA-Mid Atlantic. The mild hurricane season, as well as the transition to cooler weather has contributed to a steadying drop in prices as the supply stays up and demand down, she said.
In Virginia, gas prices are already below $3 a gallon. Many eastern states are either under $3 dollars or around $3.10 a gallon. Diesel prices in the United States have been on a down swing since March. During spring, diesel fuel prices were averaging around $4.30 a gallon. Now, diesel prices are around $3.70 a gallon. When you put as many miles on the road as truckers do, a sixty cent swing in fuel prices is a huge savings.
California continues to be one of the highest priced states for fuel and diesel. While prices are still down, you can expect to likely pay over $4 a gallon for fuel and diesel.