The U.S. Energy Information Administration raised its 2013 forecast for gasoline consumption by 0.1 percent from last month’s estimate to 8.7 million barrels a day.
Gasoline demand in 2014 may be 8.66 million barrels a day, down from last month’s forecast of 8.67 million, the statistical arm of the Energy Department said today in its monthly Short-Term Energy Outlook.
The agency increased the outlook for regular-grade gasoline in 2013 by 4 cents to $3.56 a gallon. Prices in the fourth quarter will average $3.44 a gallon.
“EIA expects gasoline prices to slowly fall from their recent highs as crude oil prices begin to decline, the summer driving season comes to a close, and gasoline prices are forecast to average $3.44 per gallon during the fourth quarter from their summer peak of $3.68 in late July,” EIA Administrator Adam Sieminski said in an e-mailed statement.
The average price in 2014 may be $3.43 a gallon, 6 cents above the August estimate of $3.37. Prices in 2012 averaged $3.63 a gallon.
Distillate demand, including diesel and heating oil, will be 3.86 million barrels a day this year, unchanged from last month’s outlook. The estimate for 2014 consumption was increased to 3.91 million barrels a day from the previous forecast of 3.88 million.
On-road diesel will average $3.96 a gallon this year, up from last month’s forecast of $3.92. Next year, prices may drop to $3.82 a gallon, compared with last month’s estimate of $3.76.
To contact the reporter on this story: Barbara Powell in Houston at firstname.lastname@example.org
To contact the editor responsible for this story: Dan Stets at email@example.com