The price for a gallon of diesel will continue to drop through the end of the year, the Department of Energy projected Tuesday.
The latest estimate puts the average pump price for a gallon of diesel at $3.68 for the fourth quarter, according to the latest Short-Term Energy Outlook, published monthly by the Energy Information Administration.
The fourth quarter forecast reflects a downward revision of 6 cents. Diesel averaged $3.84 in the third quarter.
The price of a gallon of diesel fell 2.2 cents last week to national average of $3.733, EIA reported. That’s 16.4 cents lower than a year ago. (See chart, below.)
Diesel fuel prices, which averaged $3.92 per gallon in 2013, are projected to fall to an average of $3.85 in 2014 and $3.80 in 2015
EIA projects the price will rise to $3.83 by the second quarter next year before settling to $3.80 for the second half of 2015.
Daily and weekly national average prices can differ significantly from monthly and seasonal averages, and there are also significant differences across regions, with monthly average prices in some areas falling above or below the national average price by 30 cents per gallon or more, EIA notes.