Diesel to Average $3.43 This Year, DOE Says
The Department of Energy continued to boost its projected price of diesel fuel, saying it will average $3.43 this year, up 3 cents from its forecast last month.
Trucking’s main fuel averaged $2.99 last year, DOE said in its monthly short-term energy outlook released Tuesday, adding that the price will climb to an average $3.51 in 2012.
Gasoline will rise to an average $3.15 per gallon at the pump this year, down 2 cents from last month’s forecast.
Gas averaged $2.78 average last year, and DOE projected the motor fuel will rise average $3.30 in 2012. Next year’s forecasts for both diesel and gasoline were a penny higher than January’s estimates.
“Rising crude oil prices are the primary reason for higher retail prices, but higher gasoline and distillate refining margins are also expected to contribute to higher retail prices,” the report said.
Oil prices averaged about $89 per barrel in January, about the same as December. It will cost about $93 per barrel in 2011, $14 higher than the 2010 average, and will to rise into 2012, averaging $98 per barrel.
Diesel and gasoline both rose in DOE’s most recent weekly survey released Monday — by 7.5 cents to $3.513 and 3.1 cents to $3.132, respectively — hitting the highest levels since October 2008.
