U.S. Energy Department Hikes Fuel Price Forecast

m-chart-11-1The U.S. Energy Department has raised its expectations for fuel prices, according to the latest Short-Term Energy Outlook issued on Tuesday.

Diesel retail prices, which averaged $3.83 per gallon in 2014, are projected to fall to an average of $2.89 per gallon this year, 5 cents higher than in last month’s forecast. It’s expected to increase to $3.25 per gallon in 2016, 2 cents more than its previous projection.

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