TOLEDO, Ohio — In just a year, the average price of a gallon of diesel has fallen 70 cents, along with gas prices nationally. This decrease has brought hope to truckers who say they were struggling with the expense along with companies to help lower costs.
"It's affecting my company because they're paying a cheaper rate," said P.J. Tucker, a PI&I Motor Express truck driver. "Right now, it doesn't affect me because I don't pay for the diesel. But, for the most part, it's doing pretty good to my knowledge because the rate I see is kind of low in the industry. Otherwise, diesel prices going down are going to save us some money, and maybe we can get paid better."
The cause of the sudden change? A decrease in economic demand overseas.
"The biggest thing is that there is an economic downturn right now in Europe and Asia and we're not importing a lot to those states," said Jim McVicker, the president of Reliance Propane & Fuel Oil. "That's helping us and we're retaining more of it here. And, that's driving down the cost."
However, McVicker said that truck drivers and companies won't be the only ones reaping the benefits of the price decrease.
Those who heat their homes using diesel can look forward to decreased prices on billing statements as companies move into the 2024 season.
"(Decreased prices) help us in being able to put our profit margin on (the bill) and be able to sell our product to our customers," McVicker said. "They're seeing a lower rate from years past, close to 70 cents a gallon from what it was a year ago. That's helping them out financially, especially the people that are on a budget, a fixed income and stuff like that."
Moving forward, truckers and homeowners can look forward to prices continuing to decrease along with economic stimulation.