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.