Diesel consumption in the United States is forecast to continue on a downward trend in 2009 while the price is expected to average $2.28 per gallon, according to Department of Energy (DOE) data.
Meanwhile, the average price of all types of diesel fell last week to $2.219 per gallon, almost three cents less than the week before, according to DOE information. Low sulfur diesel was ringing up at the pump at $2.230 per gallon, 2.6 cents lower than the week before.
Despite the cold weather that gripped much of the Lower-48 States in December, distillate fuel consumption in 2008 fell by 5.4 percent from the previous year as a result of precipitous declines in transportation consumption of diesel fuel, according to the DOE Short-Term Energy Outlook released February 10.
At the same time, the slowing of the growth in distillate fuel usage outside the United States also is projected to narrow refining margins for distillate throughout the forecast.