Gas and Diesel Rising This Summer

Apr 14, 2010

Summer is coming, and that means the return of the annual gas price spike.  Make sure your fleet makes plans for higher prices and spends wisely! Business Fleet has the story on what you can expect:

The Energy Information Administration (EIA) forecasted higher gasoline and diesel prices in its monthly short-term energy and summer fuels outlook.

The EIA forecasts that gas will be almost 50 cents higher during this summer’s driving season (the period between April 1 and September 30), climbing from $2.44 per gallon to $2.92 per gallon.

Gas prices are forecasted to average $2.84 in 2010 and $2.96 in 2011, up from $2.35 per gallon in 2009, primarily because of projected rising crude oil prices. 

Diesel fuel prices averaged $2.46 per gallon last summer, but are projected to average $2.97 per gallon this summer.  Diesel prices are forecast at $2.95 and $3.12 per gallon in 2010 and 2011, respectively.

Diesel’s national average topped $3 for the first time since November 2008, jumping 7.6 cents to $3.015 a gallon.

Oil averaged $81 per barrel in March, almost $5 higher than the previous month and $3 over the previous month’s short-term outlook. The Department of Energy

said it expects crude to average above $81 per barrel this summer, slightly less than $81 for the year, and then rise to $85 per barrel by the fourth quarter 2011.

Photo courtesy of kate at yr own risk under the Creative Commons License