Agency forecasts higher fuel costs this year, 2011

The latest short-term energy forecast from the U.S. Department of Energy’s Energy Information Administration projects that on-highway diesel prices will rise gradually for the rest of the year to average $3.04 a gallon in December and $2.97 a gallon for all of 2010.

The average retail price for on-highway diesel was more than $2.99 for the week ended Aug. 9.

For 2011, EIA forecasts continual steady increases for an average of $3.14 a gallon for the year and $3.21 a gallon by December 2011. EIA expects the consumption of distillate fuel – diesel – to increase by 1.4 percent in 2010 over 2009 and by 1.2 percent in 2011 over 2010.

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