Forecasts for crude oil and diesel fuel prices have not changed much from last month, with crude expected to hover above $81 a barrel this summer and diesel to stay around $3 a gallon in 2010.


In its most recent Short-Term Energy Outlook, the U.S. Energy Information Administration, part of the Department of Energy, said it expects crude oil spot prices to average slightly less than $81 per barrel for 2010 as a whole for West Texas Intermediate crude. It predicts oil prices to reach $85 per barrel by the fourth quarter of 2011.

Meanwhile, crude topped $86 a barrel on the New York Mercantile Exchange on Monday, the highest it has been in 18 months.

In its weekly diesel price report released Monday, the DOE said diesel jumped 7.6 cents this week to a high of $3.015 a gallon, breaking $3 for the first time since November 2008. Diesel prices are expected to average $2.95 and $3.12 per gallon in 2010 and 2011, respectively. This compares to last month's predictions of $2.96 and $3.14 per gallon, respectively, for 2010 and 2011. Diesel averaged $2.46 per gallon in 2009.

The EIA said movements in diesel and gas prices are mostly driven by changes in crude oil prices and wholesale margins.

Regular-grade gasoline retail prices, which averaged $2.44 per gallon last summer, are projected to average $2.92 per gallon during the current driving season. The EIA said gasoline prices should peak at about $2.97 per gallon in early summer.