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DOE Lowers Price Forecasts for Diesel, Gasoline, Crude Oil

5/9/2012 11:30:00 AM
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Diesel fuel will average $4.06 a gallon this year, the Department of Energy said, lowering a previous forecast.

DOE also reduced its projected prices of gasoline and oil, citing a recent slide in crude prices, the department said in its monthly short-term energy outlook.

The diesel forecast was 9 cents below last month’s outlook. DOE said trucking’s main fuel will average $4.03 in 2013, down 8 cents from the previous report. Diesel averaged $3.84 last year.

Gasoline will average $3.71 a gallon this year, DOE said, dropping a dime from its most recent forecast. Gas, which averaged $3.53 a gallon last year, will average $3.67 per gallon in 2013.

Gasoline peaked at $3.90 in April and will average $3.79 during the summer driving season from April through September, 8 cents higher than last year’s summer price.

The monthly outlook often lags DOE’s weekly price surveys. On Monday, it reported diesel fell for a fourth straight week to $4.057 a gallon, while gasoline fell for a fifth week, to $3.79.

Crude oil, the main factor in retail end-fuel prices, will average $104 a barrel this year — $2 below last month’s forecast but $9 over last year’s average.

Oil fell below $100 on Friday for the first time since February and has continued to decline this week.

Crude futures fell in early trading Wednesday to near $96 a barrel on the New York Mercantile Exchange, Bloomberg reported.

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