Diesel fuel will average $3.79 a gallon this year, the Department of Energy said, lowering its most recent forecast by 11 cents.
The price will continue to fall into next year, to an average $3.58 in 2013, DOE said in its monthly short-term energy outlook, released Tuesday.
That’s down 21 cents from last month’s forecast. Diesel fuel prices averaged $3.84 last year. You can see though how quickly things can turn. A 21 cents different in forecast from last month is a big deal with diesel fuel.
The department also lowered its price forecasts for both gas prices and crude oil. Gas prices will average $3.49 a gallon this year — down 7 cents from last month’s forecast.
It will fall even more, to $3.28 next year, down 23 cents from the June report. Gas prices averaged $3.53 in 2011.
The declines are largely due to “recent economic and financial news that points toward weaker economic outlooks could lead to lower economic growth forecasts,” the report
DOE’s monthly outlook often lags its weekly price surveys. Both diesel fuel prices and gas prices were at much higher levels this spring, with diesel fuel topping out at $4.148 on April 9 and gas prices at $3.941 a week earlier.
Fleet fuel prices are largely driven by the price of oil, and DOE lowered its crude outlook to $92.83 a barrel for 2012, down about $4 from the previous report.
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