EIA sees near-term stability in diesel prices
May 9, 2012
The Energy Information Administration says it expects that on-highway diesel fuel retail prices to average $4.06 per gallon during 2012, up from the 2011 average of $3.84 per gallon. The short-term outlook released on May 8 forecasts an average for 2012 that is 9 cents per gallon lower than the outlook it issued in April. Between now and yearend, EIA’s projections of monthly average diesel prices range from a low of $4.07 to a high of $4.11. In 2013, diesel fuel retail prices are projected to decline to $4.03 per gallon, 8 cents per gallon lower than the previous the April outlook.
EIA’s projections are based primarily on its current forecast of an average U.S. refiner acquisition cost of crude oil in 2012 is $110 per barrel — $2.50 per barrel lower than in last month’s outlook but $8 per barrel higher than the 2011 average. EIA said it expects the price of West Texas Intermediate crude oil to average about $104 per barrel in 2012, about $2 per barrel lower than the forecast last month.
With the recent drop in global crude oil prices, EIA has lowered the average regular gasoline retail price forecast for the current April-through-September summer driving season to $3.79 per gallon — 16 cents per gallon below the level in the April outlook. This would be good news for the economy and potentially for freight volumes as consumers would have more disposable income than if gas prices were higher.
For the entire EIA short-term energy outlook, click here.
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