Look for fuel prices to be lower next year, according to a new report from the U.S. Energy Department’s Energy Information Administration.
It forecasts diesel fuel prices, which averaged $3.97 per gallon in 2012, are projected to average $3.92 per gallon this year and $3.77 per gallon in 2014.
Regular-grade gasoline retail prices is projected to fall from $3.63 per gallon in 2012 to an average of $3.50 per gallon this year and $3.43 per gallon in 2014.
Estimated U.S. crude oil production averaged 8 million barrels per day in November, the highest monthly level since November 1988, will average 7.5 million in 2013 and 8.5 million in 2014.
EIA expects that West Texas Intermediate crude oil prices will average $96 per barrel during the fourth quarter of 2013 and $95 per barrel during 2014. It averaged $106 per barrel during September but fell to an average of $94 per barrel in November.
Brent crude oil spot prices fell from a monthly average of $112 per barrel in September to $108 in November. EIA expects the Brent crude oil price to continue to weaken as non-OPEC supply growth exceeds growth in world consumption. The Brent crude oil price is projected to average $108 per barrel in December 2013 and $104 per barrel in 2014.