DOE Boosts Diesel Forecast by a Nickel

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Diesel will average $3.84 this year, led by higher oil prices, the Department of Energy said, boosting its most recent forecast by a nickel.

But trucking’s main fuel will fall to an average $3.62 per gallon next year, DOE said in its monthly short-term energy outlook released Tuesday. That’s up 4 cents from last month’s outlook.

DOE last month lowered its 2012 diesel price forecast by 11 cents.

Crude oil will average $93.90 a barrel this year, up about $1 from last month’s forecast. In 2013, oil will average $90.25, up from last month’s $88.50 projection.

Crude futures closed Tuesday up $1.47 to $93.67 a barrel on the New York Mercantile Exchange, a two-month high, Bloomberg reported.

Regular gasoline will average $3.53, this year, up 4 cents from last month’s outlook. The price will fall to $3.33 per gallon next year.

Diesel averaged $3.84 last year, while gasoline averaged $3.53 in 2011.

DOE’s monthly outlook often lags its weekly price surveys. Both diesel and gasoline have risen for five straight weeks following three months of downturns.

The department’s weekly survey released Monday showed diesel and gasoline prices at $3.85 and $3.645 per gallon, respectively.

By Transport Topics

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