Diesel to Average Near $3 a Gallon in 2010, DOE Says
Retail diesel will average $2.79 in the fourth quarter and rise 50 cents from this year’s projected average to nearly $3 a gallon next year, the Department of Energy said Tuesday.
The national average price of trucking’s main fuel will be $2.48 per gallon this year and $2.94 in 2010, DOE said in its monthly short-term energy outlook.
The fourth-quarter projection — following diesel’s $2.63 average in August and September — is up 19 cents from the department’s forecast last month, and the 2010 projection is 16 cents higher than the $2.78 forecast last month. (Click here for previous coverage.)
Fuel price increases this winter from a year ago will be led by a projected $7 gain in crude oil to $77 a barrel, DOE said.
Regular gasoline will rise 15 cents from October to $2.70 a gallon this month, and will average $2.66 in the fourth quarter, up 22 cents from last month’s prediction.
The projected year-over-year increases in gasoline and diesel “include a small increase in refining margins as a result of the economy-related increases in demand,” DOE said.
DOE said Monday that both diesel and gas fell for the first time in five weeks, with diesel falling 0.7 cent to $2.801 a gallon and gasoline dropping 2.8 cents to $2.666 a gallon.
