Fuel Smarts

EIA: Don't Expect Significant Relief in Diesel Prices

April 08, 2008

SHARING TOOLS        | Print Subscribe
The U.S. Energy Information Administration predicts that diesel prices will average $3.62 per gallon over the course of 2008 - 72 cents above the 2007 average prices - as crude oil prices continue to average over $100 a barrel.

That's according to the EIA's monthly Short Term Energy Outlook released Tuesday. It says West Texas Intermediate crude oil prices, which averaged $72.32 per barrel last year, are projected to average $101 a barrel in 2008, dropping to $92.50 per barrel in 2009.
"The global oil market remains fundamentally tight entering the second quarter, despite a slowdown in U.S. oil consumption and growing risks to global economic growth," says the report. "The combination of rising world oil consumption and low surplus production capacity is putting upward pressure on oil prices. The flow of investment money into commodities has contributed to crude oil price volatility."
The EIA report predicts that an increase in oil production in non-OPEC countries will contribute to increases in OPEC surplus crude oil production capacity and ease price pressures toward the end of the year.

Comment On This Story

Name:  
Email:  
Comment: (Maximum 2000 characters)  
Leave this field empty:
* Please note that every comment is moderated.

Newsletter

We offer e-newsletters that deliver targeted news and information for the entire fleet industry.



GotQuestions?

LUBRICANTS

The expert, Mark Betner from Citgo will answer your questions
Ask a question

Sponsored by


WHEEL ENDS SOLUTIONS

Wheel end expert Jeff Geist from STEMCO will answer your questions
Ask a question

Sponsored by

Magazine