DOE lowers forecast
for 2009 diesel price
Mar 12, 2009 1:21 PM
The Department of Energy (DOE) continues to lower its projected average price for diesel in 2009--the latest report estimating $2.19 per gallon.
"The expected continuing decline in diesel fuel consumption in the United States this year, as well as the growing weakness in distillate fuel usage outside the United States, are projected to result in a narrowing of refining margins for distillate throughout the forecast period," DOE said in its March 10 Short Term Energy Outlook "Because of the global weakness in industrial output, it is possible that we will see diesel prices fall below gasoline prices this summer."
In February, the Short Term Energy Outlook forecast an average price in 2009 of $2.28 per gallon.
Meanwhile, last week's average diesel price across the nation fell 2.8 cents to $2.017 per gallon. Ultra low sulfur diesel also continued on a downward trend last week to $2.023 per gallon, 2.8 cents lower than the week before.
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