DOE Boosts Diesel Price Forecast
Diesel fuel will average $3.92 a gallon this year — below last year’s average but a nickel higher than a previous projection, the Department of Energy said Tuesday.
Trucking’s main fuel, which averaged $3.97 in 2012, will slide to $3.82 a gallon in 2014 on lower crude oil prices, DOE said in its monthly short-term energy outlook. Next year’s projected price is 4 cents higher than last month’s forecast.
Gasoline will average $3.55 a gallon this year, up 11 cents from last year’s forecast but below last year’s $3.63 average. The motor fuel’s average price will drop to $3.39 in 2014, a nickel higher than last month’s forecast.
The monthly outlook often lags DOE’s weekly price surveys. The past two weeks have seen big spikes in both fuels, with diesel up a combined 17.7 cents to $4.104 a gallon and gasoline jumping 25.4 cents to $3.611.
DOE also boosted its price forecast for crude oil, the main component of refined fuels, saying it will average $92.81 a barrel this year, up more than $3 from last month’s $89.54 projection.
Crude oil averaged $94.12 a barrel on the New York Mercantile Exchange last year.
