DOE Raises Diesel Forecast to $3.81
Continuing unrest in Libya as well as other North African and Middle Eastern countries has led to the highest crude oil prices since 2008
Continuing unrest in Libya as well as other North African and Middle Eastern countries has led to the highest crude oil prices since 2008.
As a result, the Department of Energy has raised its forecast for the average cost of crude oil to refiners to $105 per barrel in 2011, $14 higher than last month.
WTI crude oil spot prices averaged $88.58 per barrel in February, slightly lower than the January average, while over the same time period the estimated average cost of all crude oil to U.S. refineries increased by about $4.50 per barrel to $92.50, according to the monthly report from the DOE's Energy Information Administration. Growing volumes of Canadian crude oil imported into the United States contributed to record-high storage levels at Cushing, Okla., and a price discount for WTI compared with similar quality world crudes such as Brent crude oil.
The forecast for on-highway diesel fuel retail prices, which averaged $2.99 per gallon in 2010, is an average $3.81 per gallon in 2011, up nearly 40 cents from last month's report.
The forecast for regular-grade gasoline retail prices rose from a national average of $2.78 per gallon in 2010 to $3.56 per gallon in 2011 and $3.57 per gallon in 2012. EIA projects gasoline prices to average about $3.70 per gallon during the peak driving season (April through September) with considerable regional and local variation.
The projected monthly average regular gasoline price peaks this year at $3.75 per gallon in June.
To see details on this forecast visit www.eia.doe.gov
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