DOE Boosts Diesel Price Forecast 4¢ to $3.84 a Gallon; Sees Oil Rising to $100 a Barrel
The Department of Energy raised its 2011 diesel price outlook by 4 cents this year and 6 cents in 2012, in tandem with a higher crude oil forecast of $100 per barrel.
Trucking’s main fuel will average $3.84 per gallon at the pump this year and $3.79 in 2012, DOE said in its monthly short-term energy outlook.
Last month, the department had lowered its 2011 diesel forecast by a nickel and its 2012 projection by 14 cents.
Gasoline will average $3.54 this year, up 2 cents from last month’s report, and $3.46 in 2012, up 3 cents from October’s outlook, DOE said.
Last year, diesel averaged $2.99 per gallon while gas averaged $2.78 at the pump.
DOE’s monthly outlook often lags its weekly price survey. Both fuels’ national average prices slipped Monday, with diesel taking its first drop in four weeks to $3.887, and gas falling 2.8 cents to $3.424, its third straight decline.
Crude oil — which has risen to the mid-$90s per barrel in the past week, a three-month high — will average $100 per barrel in both this year and next, slightly higher than the previous projections of $99 for 2011 and $98 for 2012.
