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EIA Increases U.S. Gasoline Demand, Price Estimates for 2014

The Energy Information Administration increased its forecast for 2014 U.S. gasoline demand and retail prices.

Gasoline consumption will average 8.78 million barrels a day this year, up 0.5 percent from the EIA’s December outlook of 8.74 million, the statistical arm of the Energy Department said today in its monthly Short-Term Energy Outlook. Demand in 2014 will be less than last year’s daily average of 8.79 million.

Gasoline pump prices in 2014 will average $3.46 a gallon, 3 cents above last month’s estimate. Prices in 2013 averaged $3.51.

Distillate demand, including diesel and heating oil, will be 3.88 million barrels a day this year, up from last month’s outlook of 3.87 million. Distillate consumption in 2013 averaged 3.83 million barrels a day.

On-road diesel fuel will average $3.81 a gallon this year, higher than last month’s forecast of $3.77. Prices in 2013 averaged $3.92 a gallon.

Households in the U.S. that use heating oil will pay $2,114 this winter, up from $2,085 in last month’s estimate, the EIA said. The cost to heat a home with natural gas will be $665, lower than the $674 forecast in December.

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