DOE Slashes Fuel-Price Outlook for 2009
The Energy Department sharply cut its price forecasts for crude oil, diesel and gasoline for next year, citing lower world demand in a sluggish global economy.
On-highway diesel fuel will average $2.73 in 2009, down $1.08 from this year’s 2008 average, DOE said in its monthly short-term energy outlook released Wednesday.
Gasoline will average $2.37 per gallon in 2009 — almost $1.20 below what DOE projected in the previous outlook.
Crude oil will average $101.45 a barrel this year, down 9% from its previous $111.57 forecast, DOE said.
For 2009, the department lowered its forecast by 43%, to $63.50, from its $112 per-barrel forecast last month.
