The Energy Information Administration report on August 1 shows diesel and gasoline prices decline for the sixth week in a row.
Diesel prices hit a record high of $5.810 on June 20. Since then prices have declined by 67.2 cents.
All 10 of the places EIA spoke with have reported a fall in diesel prices per gallon, ranging from 0.216 cents in the West Coast to 0.102 cents in New England.
Diesel Gas August Predictions
According to EIA, based on their Short-Term Energy Outlook April 12 update, EIA is predicting retail diesel fuel will average $4.57 per gallon.
They further calculate the average U.S. household will spend about $2,945 on gasoline in 2022, which is $455 (18%) more than in 2021.
Diesel Gas 2023 Predictions
The EIA is forecasting global consumption of liquid fuel will grow by 2.2 million barrels per day in 2022 and 2.0 million barrels per day in 2023.
US crude oil production is an average of 11.9 million b/d in 2022 and 12.8 million b/d in 2023, which would set a record for most U.S. crude oil production in a year. The current record is 12.3 million b/d, set in 2019.
US regular gasoline retail prices averaged $4.11 per gallon (gal) in the first half of 2022 (1H22), up from $2.78/gal in 1H21. The EIA forecasts gasoline prices will average $4.05/gal in 2022 and $3.57/gal in 2023. US diesel prices averaged $4.91/gal in 1H22, up from $3.06/gal in 1H21. They also forecast diesel prices will average $4.73/gal in 2022 and $4.07/gal in 2023.
Below you can see the price of WTI Crude Oil, Brent Crude Oil, Gasoline, Diesel, Heating Oil, Natural Gas, and Electricity. As you can see the price increase up to 2022 but is predicted to fall in 2023.
If you’re worried about high gas prices, and increased inflation, have no fear. The experts are predicting things to level out in the coming months. For more updates on gasoline and diesel prices, subscribe to TopMark Funding.
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