DOE Lowers 4Q Diesel-Price Forecast to $3.68
Diesel’s fourth-quarter national average pump price will fall to $3.68 per gallon, the Department of Energy said Oct. 7, lowering its most recent forecast by 6 cents.
Diesel, which averaged $3.92 a gallon in 2013, will average $3.85 this year, DOE said in its monthly short-term energy outlook, lowering its most recent forecast by a penny.
Trucking’s primary fuel will average $3.80 next year, down 2 cents from last month’s report, said DOE’s Energy Information Administration.
Gasoline’s average price will fall more sharply in December, when it will average $3.14, EIA said. That’s down from a recent peak of $3.69 in June and compares with September’s $3.41 average.
The motor fuel, which averaged $3.51 last year, will slip to a $3.45 average for 2014 and $3.38 next year, EIA reported.
The declines are being led by lower crude oil prices, which fell to $93 a barrel in September from $97 in August.
Benchmark light sweet crude futures finished New York Mercantile Exchange trading at an 18-month low $89.74 per barrel on Oct. 3.
EIA expects crude oil will average $91 per barrel in the fourth quarter and rise gradually next year, when it will average $94.50.
The monthly short-term outlook often lags EIA’s weekly price survey. Diesel fell 2.2 cents to $3.733 per gallon this week, while gas dropped 5.5 cents to $3.299.
