August 29, 2014
Diesel and gasoline prices are tracking downward and that trend should continue into 2015, according to the U.S. Energy Information Administration (EIA).
The national average retail pump price for diesel dropped 1.4 cents to 3.82, a 9.2 cents per gallon drop compared to the same week a year ago.
Diesel prices declined in every region except the Rocky Mountains, which saw a slight uptick in August.
California is the only state with prices above $4 per gallon, coming in at $4.08.
The agency now expects that the monthly average regular gasoline retail price will fall from the recent peak of $3.69 per gallon in June to $3.50 in September, before falling to $3.30 in December. The U.S. annual average regular gasoline retail price, which averaged $3.51 per gallon in 2013, is projected to drop to $3.50 in 2014 and then fall to $3.46 in 2015.
Diesel fuel prices, which averaged $3.92 per gallon in 2013, are projected to fall to an average of $3.89 in 2014 – 4 cents lower than what EIA projected in July – then drop to $3.87 in 2015.
Those per-gallon price decreases are occurring despite a rise in U.S. fuels consumption – particularly for distillates, which includes diesel – that is being offset by an ongoing increase in domestic oil production that in turn is reducing oil imports.