DOE Boosts ’09-’10 Fuel Price Outlook

Tom Biery/Trans Pixs

The Energy Department Tuesday boosted its price forecasts for diesel, gasoline and crude oil for this year and 2010.

Diesel will average $2.46 this year and $2.79 next year, DOE said in its monthly short-term energy outlook, a slight increase from its prediction last month.

Trucking’s main fuel averaged $3.80 last year, peaking last July at a record $4.764 a gallon.

DOE’s forecasts have gained steadily in the past two months, led by higher crude oil prices. Last month, the department forecast diesel would average $2.40 this year and $2.67 in 2010.

Regular-grade gasoline will average $2.36 this year, a 3-cent increase from last month’s forecast — well below last year’s record $3.26 average.

Gas will average $2.69 next year, up 13 cents from last month’s $2.56 prediction.

Crude oil will average $60.35 per barrel in 2009 and $72.42 per barrel in 2010, up from last month’s forecast of $58.70 this year and $67.42 next year, DOE said.

Oil averaged $99.57 per barrel last year and set a New York Mercantile Exchange closing-price record of $145.29 last July.

In its latest weekly survey released Monday, DOE reported that the national diesel average fell 1.4 cents to $2.594 a gallon, while gasoline fell 3 cents to $2.612. That marked the second week of modest declines for both fuels after two months of increases for diesel and three months of gains for gasoline.