DOE Lowers 2015 Diesel-Price Forecast 13¢ to $2.73
The Department of Energy lowered its 2015 forecast for U.S. diesel prices 13 cents to $2.73 a gallon and its 2016 projection by 23 cents to $2.81.
Gasoline’s price is projected to average $2.41 a gallon in 2015, a 7-cent dip from last month’s forecast, DOE’s Energy Information Administration said in its monthly short-term energy outlook released Aug. 11.
The motor fuel will average $2.40 per gallon next year, a 15-cent decline from last month’s projection.
EIA said it expects monthly average prices to decline in the coming months as refineries continue to produce high levels of gasoline, demand begins to decrease after the peak in the summer driving season and the market transitions to lower-cost winter-grade gasoline.
Regular gasoline is expected to average $2.60 a gallon in the third quarter and $2.11 a gallon in the fourth quarter.
U.S. crude oil production declined by 100,000 barrels per day in July compared with June, and production is expected to continue decreasing through mid-2016, according to the EIA report.
On Aug. 10, the average price of diesel declined for the 11th straight week. Diesel dropped by 5.1 cents a gallon to $2.617, EIA said after its weekly survey of fueling stations.
Retail prices for fuel declined in all major regions of the country for both the week and relative to the same time last year. A year ago, the national average for trucking’s main fuel was higher by $1.226 a gallon.
Diesel prices now are comparable to what they were in October 2009.
