Diesel Price to Decline Next Year, DOE Says

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Diesel fuel, which will average just over $4 a gallon in the current quarter, will decline to a $3.84 average at the pump next year, the Department of Energy said Tuesday.

Gasoline, which will average $3.63 a gallon this year, will drop to a $3.43 average in 2013, DOE said in its monthly short-term energy outlook released Tuesday.

DOE’s forecast for both fuels is in line with last month’s forecast.

The department raised its 2013 crude oil-price outlook slightly, boosting it 9 cents over last month’s forecast to $88.39 a barrel.

The monthly outlook often lags DOE’s weekly price surveys. Its most recent report released Monday showed diesel dropping 3.6 cents to $3.991 and gasoline falling 4.5 cents to $3.349.

Year-to-date, diesel has averaged $3.97 a gallon, while gasoline has averaged $3.64, according to the weekly survey’s figures. Last year, diesel averaged $3.84 and gasoline averaged $3.53.

Diesel’s highest price this year was $4.15 on Oct. 15 — a more than four-year high — while its low was $3.648 on July 2.

Gasoline’s 2012 high was $3.941 on April 2, while the low was $3.299 on Jan. 2.

By Transport Topics

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