Heavy Duty Trucking Logo
MenuMENU
SearchSEARCH

Lower Fuel Prices Forecast for 2015

If you have been enjoying the recent drop in fuel prices, expect it to continue into next year, according to the U.S. Energy Department’s latest Short Term Energy Outlook.

Evan Lockridge
Evan LockridgeFormer Business Contributing Editor
August 26, 2014
2 min to read


If you have been enjoying the recent drop in fuel prices, expect it to continue into next year, according to the U.S. Energy Department’s latest Short Term Energy Outlook.

Diesel fuel prices, which averaged $3.92 per gallon in 2013, are projected to fall to $3.89 for this year, 4 cents lower than projected in last month's report, and $3.87 in 2015.

Ad Loading...

Regular gasoline retail prices fell to an average of $3.61 per gallon in July, 8 cents below the June average. Regular gasoline retail prices are projected to continue to decline to an average of $3.30 per gallon in December. The DOE expects regular gasoline retail prices to average $3.50 per gallon in 2014 and $3.46 per gallon in 2015, compared with $3.51 in 2013.

This week diesel hit its lowest price since July 2013, falling for the eighth consecutive week to $3.821 per gallon, while gasoline fell for the seventh consecutive week to $3.454, its lowest level since February.

The drop in fuel prices also comes as consumption of distillate fuel, which includes diesel, is expected to show an increase of 140 million barrels per day this year and an expected increase of 70 million barrels per day in 2015.

Ad Loading...

Gasoline consumption is forecast to grow much less this year, 40,000 barrels per day and just 10,000 barrels per day next year.

The lesser rates for both are being attributed to improvements in the fuel economy for both diesel and gasoline powered vehicles.

Part of the reason for the expected decrease in fuel prices is due to lower projected prices for both kinds of popular crude oil, West Texas Intermediate and Brent, including the difference in prices of the usually higher priced Brent crude.

Also U.S. crude oil production in July reached its highest monthly level since 1987 during July at 8.5 million barrels per day. The average for next year is projected to be even higher at 9.3 million barrels per day in 2015, with the department noting increased domestic production has contributed to a significant decline in foreign oil imports with liquid fuel net import consumption expected to fall to its lowest level since 1970 next year.

The full report, including tables and charts, is available from the DOE website.

More Fuel Smarts

Illustration of exhaust aftertreatment system on an AI-inspired blue background and a green fuel pump nozzle in the foreground.
Maintenanceby Deborah LockridgeJune 15, 2026

New Agentic Predictive Maintenance Report Demonstrates How Degraded Aftertreatment Systems Waste Fuel

Questar analyzed a large mixed-class fleet and discovered it was wasting as much as $30 in fuel per vehicle, per day, because of mechanically degraded aftertreatment systems.

Read More →
Amazon electric cargo bike on New York City street
Fleet ManagementJune 15, 2026

New York City's Microhub Project is Delivering Results

Trucking, last-mile delivery companies, and environmental advocates like what they are seeing so far with New York's microhub program.

Read More →
Red Kenworth truck pulling Paper Transport trailer
Fuel Smartsby Deborah LockridgeJune 2, 2026

Lessons Learned About Alternative Fuels: Start Small, Stay Flexible

Practical advice on adopting alternative fuels and ZEVs from HDT's 2026 Top Green Fleets, from renewable diesel and natural gas to electric trucks.

Read More →
Ad Loading...
Composite image of different angles of the Kempower charger
Fuel Smartsby News/Media ReleaseMay 29, 2026

Kempower Adds Flex EV Charger to Help Support Transition to Megawatt Charging

The Kempower Mega Satellite Flex has both a CCS and MCS connector, allowing operators to serve both types of heavy-duty vehicles.

Read More →
White Hino Le electric tractor on show floor
Equipmentby News/Media ReleaseMay 26, 2026

Hino Adds Electric Class 6/7 Truck

Hino says the Le Series is an important step in the company's efforts to reduce environmental impact and support its customers’ sustainability goals.

Read More →
Sigma Powertrain BEV transmission.
Fuel Smartsby Jack RobertsMay 26, 2026

Can Multi-Speed EV Transmissions Solve Heavy Trucking’s Biggest Electric-Vehicle Problems?

A startup called Sigma Powertrain believes purpose-built multi-speed gearboxes can boost efficiency, reduce battery size and improve gradeability for heavy-duty battery-electric trucks.

Read More →
Ad Loading...
Red Hendrickson e-axle at ACT Expo booth
Equipmentby News/Media ReleaseMay 22, 2026

Hendrickson Debuts Electraax E-Axle for Medium-Duty Trucks

Developed with Driventic, Hendrickson's new integrated e-axle is designed to improve efficiency, reduce weight, and extend range in Class 6-7 EV applications.

Read More →
Fueling trucks.
Fuel SmartsCover Storyby Deborah LockridgeMay 18, 2026

50 Ways Fleets Can Cut Fuel Costs Now — Without Buying New Trucks

Fuel savings don’t come from one big change. They come from dozens of small ones. Here’s how leading fleets are stacking gains across drivers, routing, maintenance, and more.

Read More →
Collage of HDT Top Green Fleets with logo
Fuel Smartsby Deborah LockridgeMay 18, 2026

Top Green Fleets 2026: How Fleets Are Reducing Emissions in the Real World

What works in sustainable trucking today? Heavy Duty Trucking's Top Green Fleets are finding practical ways to cut fuel use, reduce emissions, and keep freight moving.

Read More →
Ad Loading...
Tesla Semi electric truck on display at ACT Expo
Fuel Smartsby News/Media ReleaseMay 13, 2026

California Launching $1 Billion Electric Truck Rebate Program

CARB says the California Clean Fuel Reward program will begin offering point-of-sale rebates of up to $120,000 for electric commercial trucks starting June 26.

Read More →