Short Term Outlook on Fuel Prices

The Energy Information Agency, part of the Department of Energy has released its short term outlook and the highlights are shown below.

U.S. regular gasoline retail prices began October 2012 at $3.80 per gallon and fell to $3.49 per gallon on November 5, 2012. Projected U.S. regular gasoline retail prices average $3.56 per gallon during the fourth quarter of 2012. EIA expects regular gasoline retail prices, which averaged $3.53 per gallon in 2011, to average $3.64 per gallon in 2012 and $3.44 per gallon in 2013.

Diesel fuel retail prices rose from a monthly average of $3.83 per gallon to January 2012 to a high of $4.13 per gallon in March, and then fell to a low of $3.72 per gallon in July. After reaching an average of $4.12 per gallon in September, continued tight market conditions and strong global demand kept on-highway diesel fuel prices at an average of $4.09 per gallon in October. EIA expects that on-highway diesel fuel retail prices will average $4.00 per gallon during the fourth quarter of this year and $3.83 per gallon in 2013.

Diesel Prices Fall

This week’s national average price of diesel fuel decreased as did the prices in all but four regions as well. The current national average for a gallon of diesel is $3.980, a decrease of $0.030 from last week. By comparison, the national average price for a gallon of gasoline, which decreased as well, is $3.449, a decrease of $0.043.

Bloomberg Energy reports that as of Tuesday, November13, the spot price for a barrel of West Texas Intermediate oil is $85.33 which is $ .36 higher than last week’s price.

Note: Information in this article taken from the weekly TIA report.

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