December Gasoline Prices Averaging 13 Cents Below Last Year
Full-year price below 2012, even lower expected for 2014
WASHINGTON -- After falling by more than 40 cents per gallon from the beginning of September through mid-November, weekly U.S. average regular gasoline retail prices increased by 8 cents per gallon to reach $3.27 per gallon on Dec. 2, 2013, due in part to unplanned refinery maintenance and higher crude oil prices, according to the U.S. Energy Information Administration’s latest short-term energy outlook update issued Dec. 10.
The annual average regular gasoline retail price, which was $3.63 per gallon in 2012, is expected to average $3.50 per gallon in 2013 and $3.43 per gallon in 2014.
EIA expects that regular-grade gasoline retail prices, which averaged $3.24 per gallon during November, will average $3.23 per gallon in December 2013.
Led by falling Brent crude oil prices, the projected U.S. annual average regular gasoline retail price falls from $3.63 per gallon in 2012 to an average of $3.50 per gallon in 2013 and $3.43 per gallon in 2014. Diesel fuel prices, which averaged $3.97 per gallon in 2012, are projected to average $3.92 per gallon in 2013 and $3.77 per gallon in 2014.