There may be some good news for cash-strapped truckers as retail diesel prices are projected to drop 10 cents per gallon to average $3.91 in 2009, the U.S. Energy Information Administration reported on Tuesday, Oct. 7.
According to the EIA’s Short-Term Energy and Winter Fuels Outlook report, while oil prices are expected to be up slightly on average in 2009, the decrease in the average price for diesel reflects a “weakening of the very high wholesale distillate-crude oil price margins seen this past summer.”
As the winter fuel season began Sept. 30, distillate inventories that include diesel and home-heating oil were an estimated 122 million barrels, down 12 million from 2007 averages. This average is down about 11 million barrels below the five-year average, according to the EIA report.
By March 2009, those inventories could drop down to 104 million barrels. The EIA predicts that is about 6 million barrels below the previous five-year average, but still considered at the low end of the normal range.
The EIA is projecting the average household will spend an average of 15 percent more than last year on space-heating fuels from now until March 2009.
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