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]
Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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