DOE Holds 2015 Diesel-Price Forecast at $2.88
The Department of Energy held its 2015 forecast for U.S. diesel prices at $2.88 a gallon but lowered its 2016 projection by 9 cents to $3.03.
Trucking’s main fuel will average just over $2.90 this month before sliding back into the $2.80 range for the rest of the year, DOE’s Energy Information Administration said in its monthly short-term energy outlook released June 9.
Gasoline’s average price will fall from its May level of just over $2.70 a gallon to $2.52 in the third quarter and $2.33 in the fourth quarter, the report said. The motor fuel will average $2.54 per gallon next year, down 8 cents from last month’s $2.62 projection.
Last year, diesel averaged $3.83 and gasoline averaged $3.36 per gallon.
Crude oil will average $55.28 a barrel this year, up about $1 from its most recent forecast, the agency said. Next year, New York-traded oil will average $62 a barrel, down $3 from the previous outlook.
“Despite the large decline in crude oil prices since June 2014, this May’s estimated oil output in the United States is the highest for any month since 1972, but production still is expected to decline in the second half of this year,” EIA Administrator Adam Sieminski said.
“Even with slower oil production growth, U.S. net oil imports in 2016 are expected to meet the smallest share of domestic petroleum and other liquid fuels demand since 1969,” he said in a statement.
EIA’s monthly short-term energy outlook often lags its weekly price survey. Diesel has dropped 3 cents in two consecutive declines to $2.884, while gasoline was flat this week at $2.78 after seven increases.
