DOE Lowers 2010 Diesel Price Forecast by 4¢, to $2.93 a Gallon
The Department of Energy lowered its diesel price forecast to $2.93 a gallon for 2010 and $3.10 next year — both down 4 cents from its previous prediction.
Diesel — which is now selling at the projected average level — will rise to an average $3.10 next year, the department said.
Trucking’s main fuel averaged $2.46 per gallon in 2009, DOE said in its monthly short-term energy outlook released Wednesday.
DOE said in its weekly price survey Tuesday that diesel slipped 0.7 cent to $2.931 a gallon, its fourth straight decline, while gasoline was unchanged at $2.682.
Gas will average $2.72 a gallon this year and $2.90 in 2011, compared with an average $2.35 per gallon last year. For the second half of this year, it will average $2.69 per gallon.
Refining margins are currently at their lowest level since 2003, but will be about $2 per barrel higher next year because of growing global demand and shutdowns of excess refining capacity, DOE said.
The department lowered its fourth-quarter crude oil price forecast to $77 per barrel, from $81 in last month’s outlook, but said spot prices will rise to $84 by the end of next year.
Oil averaged $77 in August, despite trading in the mid-$80s for the first part of the month.
