July 7, 2022 – Update
The U.S. Energy Information Administration (EIA) published the U.S. national and regional average on-highway diesel prices report, which includes the DOE diesel fuel index. The publication included the backdated diesel price data for June 20, June 27, and July 4, 2022. This ends the three-week streak of shippers, who are not on Fuel Recovery, using obsolete data. Read the entire press release.
DOE Index Fluctuation During the Server Issue
June 29, 2022 – Update
The EIA has begun releasing some data products but has stated they will not be able to release the national or regional on-highway diesel prices this week. These prices inform the DOE diesel fuel index. The EIA is working diligently to restore systems. Read the entire press release.
June 27, 2022 - Original Post
The EIA discovered a voltage irregularity on Friday, June 17, and the issue has not been resolved. The EIA has replaced equipment and is in the process of transferring data from backup systems to the new servers. They did not release a timeline of when they expect to backdate reports and fully resume operations. Read the entire press release.
For shippers and carriers who rely on the DOE diesel fuel index (DOE), it creates an interesting dynamic of how to calculate base rates and fuel surcharges. The DOE is one of the many metrics included in the Gasoline and Diesel Fuel Update calculated weekly. With fuel costs recently becoming the number one input cost of moving freight and the fluctuation in the market, the fuel index not being published is a significant event in transportation network strategies. Shippers can either choose to wait until the report is backdated, use the most recent number published, or move to a market-based approach that does not use the DOE.
For a market-based approach, consider Breakthrough’s Fuel Recovery solution.
Breakthrough will continue to monitor the situation and provide updates upon release to this blog.