Energy Department Predicts Oil, Fuel Prices for 2013
The U.S. Department of Energy predicts that domestic crude oil production next year will reach its highest annual average rate of production since 1992 and diesel prices will average less than $4 per gallon in 2013
The U.S. Department of Energy predicts that domestic crude oil production next year will reach its highest annual average rate of production since 1992 and diesel prices will average less than $4 per gallon in 2013.
The DOE's Energy Information Administration, in its monthly forecast, expects West Texas Intermediate crude oil spot price will average $89 per barrel for 2012 and $88 per barrel in 2013.
This forecast rests on the assumption that U.S. real gross domestic product grows by 2.1% in 2012 and 1.8% in 2013, while world oil‐consumption‐weighted real GDP grows by 2.7% and 2.4% in 2012 and 2013, respectively.
The EIA believes diesel fuel retail prices will average $4.02 per gallon during the fourth quarter of 2012 before falling to an average of $3.84 per gallon in 2013.
On-highway diesel fuel retail prices averaged $4.09 per gallon in October 2012, and continued tight market conditions and strong global demand kept on-highway diesel fuel prices at an average of $4 per gallon in November. EIA expects that on-highway diesel fuel retail prices will average $3.97 per gallon in 2012 and $3.84 per gallon in 2013.
Projected national average regular gasoline retail prices average $3.63 per gallon in 2012 and $3.43 per gallon in 2013, compared with $3.53 per gallon in 2011.
EIA expects U.S. total crude oil production to average 6.4 million barrels per day (bbl/d) in 2012, an increase of 0.8 million bbl/d from the previous year. Projected domestic crude oil production increases to 7.1 million bbl/d in 2013, 0.2 million bbl/d higher than projected in last months STEO and the highest annual average rate of production since 1992.
The agency also predicts that natural gas spot prices will rise next year. Although that doesn't correspond to pump price for compressed or liquified natural gas for vehicles, it could mean some more work for natural gas drilling operations, which have slacked back this year due to a glut of natural gas and near-record-low prices.
For natural gas, EIA expects the Henry Hub natural gas spot price, which averaged $4.00 per million British thermal units (MMBtu) in 2011, will average $2.78 per MMBtu in 2012 and $3.68 per MMBtu in 2013.
More Drivers
FDA Eases Path for Oral-Fluid Testing
Federal actions could advance oral-fluid drug testing for truck drivers, but lab certification delays and marijuana rescheduling questions remain.
Read More →
Why Hiring Truck Drivers Is Getting Harder
Higher recruiting costs, a shrinking driver pool, and renewed pay competition are raising the stakes for fleets heading into 2027.
Read More →
Roehl Offers Truck Drivers $10,000 Retention Incentive
Payments begin after the first load and continue in mileage-based installments for eligible experienced drivers joining the fleet.
Read More →
Platform Science Adds Dispatch and Safety Tools
Four additions to PS Fleet help fleets monitor loads, manage driver coaching, share truck locations and adjust video system settings.
Read More →
When Language Stops the Truck: The Return of ELP Out-of-Service Orders
English language proficiency rules for commercial drivers aren’t new, but renewed out-of-service enforcement has raised the stakes. Here’s what carriers need to know before a driver reaches a roadside inspection.
Read More →
Samsara Launches Custom AI Agent Builder
Agent Studio lets fleets create AI tools for hours-of-service monitoring, reporting and driver support, including agents that communicate by phone.
Read More →
Trucker Path Expands Reserved Parking Network
Trucker Path has added close to 6,000 more truck parking spaces to its Trucker Path Reserved Parking Network with the addition of Safe Truck Parking.
Read More →
EEOC Sues Texas Trucking Company Over Driver Age Limits
The agency says Trancasa USA rejected applicants over 65 and applied tougher driving-record standards to those over 60.
Read More →
Nussbaum, Roehl Announce Second Driver Pay Increase This Year
This year has seen a swath of major truck driver pay increases as freight capacity has tightened.
Read More →
From One Generation to the Next: How Mentorship Builds Safer Truck Drivers
After three decades in trucking, Harold Perry shares what he's learned about driver safety, mentorship, and helping the next generation build confidence behind the wheel.
Read More →