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Diesel to Average $3.23 Next Year, DOE Says

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12/7/2010 1:30:00 PM

Diesel will continue to rise into next year, averaging $3.23 at the pump in 2011, the Department of Energy said in its monthly report.

That’s 4 cents higher than its most recent forecast, DOE said in its short-term energy outlook released Tuesday, adding that trucking’s main fuel will average $3.14 this winter — 35 cents higher than a year ago.

Diesel will average $2.98 a gallon this year, a penny over last month’s forecast, after averaging $2.46 in 2009, the report said.

Gasoline also will rise, to an average $2.88 this winter — 22 cents over a year ago — and will average $3 next year, 3 cents last month’s forecast.

Gas will average $2.77 this year, matching DOE’s most recent forecast, after averaging $2.35 in 2009, DOE said.

The increases follow higher crude oil prices, which DOE said will average about $84 a barrel this winter, up more than $6 from a year ago and $1 over most recent forecast issued last month.

Crude closed trading Monday on the New York Mercantile Exchange at $89.38 a barrel, the highest closing price since Oct. 7, 2008, Bloomberg reported.

Diesel and gasoline both rose in DOE’s most recent weekly survey released Monday — to $3.197 and $2.958 per gallon, respectively — the highest levels in two years (click here for previous story).

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© 2010, Transport Topics Publishing Group. All rights reserved.


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