In last month’s Short Term Energy Outlook — produced monthly by the Department of Energy’s Energy Information Administration — the average price of diesel was forecasted to be 10 cents lower in 2013 than it was in 2012, a number that would put this year’s average at $3.87.
However, in the latest Short Term Energy Outlook, released last week, the price is only expected to average a nickel less in 2013, but still drop to $3.82 per gallon in 2014.
The price drops will come from an expected decline in the price of a barrel of crude oil, which averaged $112 in 2012. The EIA says that price will be $109 in 2013, though crude oil has averaged $119 a barrel so far this year.
The Outlook predicts a rise in liquid fuel consumption over the next two years. Consumption had dropped from 2005 to 2012 from 20.8 million barrels a day to 18.6 million, respectively. EIA forecasts that number to rise to 18.7 million in 2014, pushed mostly by increases in use of distillate fuel and liquified petroleum gas.
From our partners
Customer Success: Crown Xpress Transport
Crown Xpress Transport Latino fleet says ‘Mas Eaton transmisiones por favor’ “The transmissions have been well received by our drivers. Because they do not…