Diesel Price Forecast Predicts $3.73 Average in 2014

The U.S. Energy Department’s Energy Information Administration’s (EIA) new Short-Term Energy Outlook expects diesel fuel prices, which averaged $3.97 per gallon in 2012, are projected to average $3.91 per gallon in 2013 and $3.73 per gallon in 2014. The monthly average for Brent crude spot oil prices decreased from $112 to $109 per barrel between September and October 2013.

The EIA expects more downward pressure on the oil prices as non-OPEC supply growth exceeds international demand. The Brent crude oil price is projected to average $106 per barrel by December 2013 and $103 per barrel in 2014.

The forecast WTI crude oil spot price, which averaged $106 per barrel during September, fell to an average of $101 per barrel in October. EIA expects that WTI crude oil prices will average $97 per barrel during the fourth quarter of 2013 and $95 per barrel during 2014.