The U.S. Energy Information Administration is reporting that the price for diesel fuel is projected to rise 46 cents from the previous year’s average of $2.48 to around $2.94 per gallon for 2010.
This average for 2010 is up 16 cents from last month’s projected price of $2.78, according to the EIA’s latest Short-Term Energy Outlook.
Diesel will average around $2.79 in the fourth quarter of this year, which is up 19 cents from its projected average price a month ago.
The EIA has also raised its projected price for crude oil by $7 per barrel to an average of $77 for this month. Crude oil is expected to reach $81 per barrel by December 2010, according to the EIA’s report.
Higher heating oil costs are expected for the winter months from October to March based on increased crude oil prices. They are expected to rise approximately $76 from the previous year’s average of $1,864 to $1,940 in 2010.