The U.S. Energy Information Administration is projecting higher diesel fuel retail prices in October and November to contribute to a higher 2012 average price. Blue line: average diesel retail price; Brown line: average crude oil price.
The U.S. Energy Information Administration is projecting gasoline retail prices to slide into the end of the year, yet remain higher than last month's projections. Blue line: average gasoline retail price; Brown line: average crude oil price.
The U.S. Energy Information Administration expects higher on-highway diesel fuel prices in October and November to increase the national average in 2012. Retail prices, which averaged $3.84 per gallon in 2011, are expected to average $3.96 per gallon in 2012. The EIA expects the 2013 average to drop to $3.73.
After a sharp increase in retail gasoline prices earlier this year, the monthly average price for regular grade gasoline reached $3.90 per gallon in April. Prices then fell for three consecutive months, averaging $3.44 per gallon in July.
Rising crude prices contributed to an increase in regular gasoline retail prices to $3.84 per gallon on September 3. EIA expects retail gasoline prices to begin declining later this month as the gasoline market recovers and transitions from summer-grade to winter-grade gasoline specifications.
Projected regular gasoline retail prices average $3.58 per gallon during the fourth quarter of 2012, up from the $3.30 per gallon projected in last month's Outlook. Projected regular gasoline retail prices average $3.64 per gallon in 2012 and $3.43 per gallon in 2013, both about 11 cents per gallon higher than in last month's Outlook.