Natural gas currently serves roughly 66.7 million homes in the United States. In addition to the energy that natural gas provides to homes, it also provides energy to 5.4 businesses like restaurants, hotels, supermarkets, schools, and hospitals; 192,000 factories; and 1,900 electric generating units. The average U.S. home, on an average daily basis, even uses 196 cubic feet of natural gas.
Because this energy source is so crucial to the hundreds of millions of people relying on it, biodiesel fuel oil prices and commercial fuel oil prices are extremely important to monitor.
Luckily, as of late, biodiesel fuel oil prices have been dropping.
According to the Alternative Fuels Data Center, the Clean Cities Alternative Fuel Price Report states that biodiesel prices have dropped significantly over the last two years. As of the summer of 2015, biodiesel fuel prices were nearing a full $4 per gasoline-gallon equivalent (GEE). The price for biodiesel fuel since early 2016 has fluctuated between low $2 and $2.5, almost reaching less than $2 GEE. Currently, biodiesel B20 is priced at $2.57 per gallon and biodiesel B99 to B100 is priced at $3.06 per gallon.
The Alternative Fuel Price chart shows the average monthly retail fuel prices in the U.S. from 2000 until 2017. Diesel and gasoline, the two petroleum fuels, are the primary drivers of the liquid fuel prices.
Reuters states that though the gas prices are near their lowest levels in years, the majority of alternative fuels are suffering as a result.
Biodiesel fuel prices are dropping in hopes of staying competitive with traditional diesel fuel, which is down by more than 20% from 2016.
Steven Boyd, senior managing director at Sun Coast Resources Inc. believes that consumers are excited about the falling, more affordable prices, but many fuel producers are much less optimistic.
“The consumer puts a smile on his face and drives down the road another mile,” added Boyd.
The production of biodiesel fuel has significantly increased over the years, however, so producers are perhaps ready to take on the competitive market. In 2013, biodiesel production climbed to 1.8 billion gallons, up from 1.1 billion in 2012.
If you want to learn more about the market trends or find respectable biodiesel fuel oil prices, contact Bollinger Energy Corporation today.