Energy Information Agency Releases Its Short Term Outlook
The Energy Information Agency (EIA) has released its short term outlook and this edition of the Short-Term Energy Outlook is the first to include forecasts for 2014.
EIA expects that falling crude prices will help national average regular gasoline retail prices fall from an average $3.63 per gallon in 2012 to annual averages of $3.44 per gallon and $3.34 per gallon in 2013 and 2014, respectively. Diesel fuel retail prices averaged $3.97 per gallon during 2012 and are forecasted to fall to an average of $3.87 per gallon in 2013 and $3.78 per gallon in 2014.
Total U.S. liquid fuels consumption fell from an average 20.8 million bbl/d in 2005 to 18.6 million bbl/d in 2012. EIA expects total consumption to rise slowly over the next two years to an average 18.8 million bbl/d in 2014, driven by increases in distillate and liquefied petroleum gas consumption, with flat gasoline and jet fuel consumption.
