Regular-grade gasoline prices will average $1.95/gal. in 2009 and $2.19 in 2010, says the U.S. Energy Information Administration. The early February forecast also claimed on-highway diesel fuel retail prices, which averaged $3.79/gal. in 2008, will average $2.28 in 2009 and $2.55 in 2010.
The monthly average price of West Texas Intermediate (WTI) crude oil fell from $133/barrel in July 2008 to $41 the following December and January. WTI prices are projected to average $43/barrel in 2009 and $55 in 2010. See the full “Short-Term Energy Outlook” at: www.eia.doe.gov/emeu/steo/pub/contents.html.