Diesel To Average $3.19 Next Year, DOE Says
Diesel will continue to rise into next year, averaging $3.19 at the pump in 2011, the Department of Energy said.
That’s a nickel higher than its most recent forecast, DOE said in its monthly short-term energy outlook released Tuesday, adding that trucking’s main fuel will average $3.09 this winter — 29 cents higher than a year ago.
Diesel will average $2.97 a gallon this year, a penny over last month’s forecast, after averaging $2.46 in 2009, the report said.
Gasoline also will rise, to an average $2.84 this winter — 19 cents over a year ago — and will average $2.97 next year, a nickel over last month’s forecast.
Gas will average $2.77 this year, up 3 cents from DOE’s most recent forecast, after averaging $2.35 in 2009, DOE said.
The increases follow higher crude oil prices, which DOE said will average about $83 a barrel this winter, up $5.50 from a year ago and $3 over most recent forecast issued last month.
Oil futures are currently trading at about $87 a barrel — a two-year high — after jumping $5 on the New York Mercantile Exchange last week. (Click here for previous story.)
The gains are due to higher world demand, as DOE raised its outlook for world oil consumption following stronger-than-expected European demand and continued strong growth in China.
Diesel and gasoline both rose about a nickel in DOE’s most recent weekly survey released Monday — to $3.116 and $2.865 per gallon, respectively — the highest levels in six months.
