The Department of Energy Tuesday lowered its diesel fuel price forecast for this year by 3 cents, to $3.83 a gallon.
Trucking’s main fuel will average $3.96 at the pump next year, a penny higher than last month’s projection, DOE said in its monthly short-term energy outlook.
U.S. diesel refinery margins will jump from an average 38 cents per gallon last year to a projected 62 cents this year, before declining to an 55 cents per gallon next year, DOE said.
DOE also lowered its price outlook by 3 cents for gasoline, saying regular gas will average $3.53 this year and rise to $3.64 next year — a penny lower than last month’s forecast — due to projected higher crude oil prices.
Diesel averaged $2.99 and gasoline averaged $2.78 per gallon last year.
DOE’s monthly outlook often lags its weekly price survey. Diesel fell 4 cents in its second straight decline Monday to $3.897 a gallon, while gasoline fell for the first time in six weeks, dipping 3.7 cents to $3.647.
The department lowered its oil price forecast, while keeping demand growth little changed on a decrease in consumption in the United States and increases in emerging markets.
Oil will average $95.71 a barrel this year, down almost $3 a barrel from July’s forecast. The average cost of domestic and imported crudes used by U.S. refiners will be $100.40 a barrel in 2011, down from last month’s projection of $102.38, DOE said.
Oil has plunged about $20 in the past two weeks, with crude futures finishing the New York Mercantile Exchange trading day Tuesday below $80 a barrel for the first time since September, falling $2.01 to $79.30, Bloomberg reported.
