Although we are currently down 56 cents from last year’s national average, according to the Energy Department’s latest Short-Term Energy Outlook, diesel and gasoline prices are on the rise and are expected to move even higher the rest of this year and continue into 2017.
During the 2016 summer driving season (April through September), the EIA expects the retail price of regular gasoline will average $2.19/gal. They forecast the U.S. average retail price would reach a peak of $2.37/gal in June and then fall to an average of $2.19/gal in September. The U.S. regular gasoline retail price is projected to average $2.06/gal for 2016, down from last year’s average of $2.43/gal, and $2.26/gal in 2017. The diesel fuel prices are expected to average $2.30/gal in 2016 and predicted to match last year’s average of $2.71/gal in early 2017 and upwards of $2.86 per gallon in the final three months of 2017.
Brent crude oil prices were at a 12-year low of $31 per barrel in January and increased to an average of $47 per barrel this last May. According to August reports, crude oil prices are forecast to average $42 per barrel for 2016 and $52 per barrel in 2017. The crude oil increase is an effect of growing global oil supply disruptions, rising oil demand, and falling U.S. crude oil production.
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