Average Fuel Cost Expected to Increase this Year

The U.S. Energy Department expects regular-grade gasoline will average $3.55 a gallon this year, up from $3.44 in last month’s forecast.

Prices last year averaged $3.63 a gallon, and current estimates have the average gallon costing $3.39 in 2014. According to the Energy Department, gasoline consumption this year will average 8.73 million barrels a day, up from 8.72 million last year. Demand could fall in 2014 back to 8.72 million.

The EIA also expects that on-highway diesel fuel retail prices will average $3.92 per gallon this year, and $3.82 per gallon next year. In the fourth quarter of 2012, on-highway diesel fuel retail prices averaged $4.02 per gallon.

[Source: EIA]

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