Tags: Energy | Department | Gasoline | Demand

Energy Department Trims 2013 US Gasoline Demand Outlook

Tuesday, 12 Mar 2013 03:15 PM

The U.S. Energy Department maintained its forecast for gasoline prices at the pump in 2013 and lowered its estimate for gasoline demand.

Regular-grade gasoline will average $3.55 a gallon this year, the same as in last month’s forecast, the department’s Energy Information Administration said Tuesday in its monthly Short-Term Energy Outlook. Prices in 2012 averaged $3.63 a gallon.

Prices may average $3.38 in 2014, the department estimated, down from $3.39 in last month’s forecast.

Gasoline consumption this year will average 8.71 million barrels a day, down from 8.73 million in last month’s projection. Demand in 2014 may be 8.71 million barrels a day, down from last month’s forecast of 8.72 million.

Distillate demand, including heating oil and diesel, will be 3.75 million barrels a day this year, down from the last month’s outlook of 3.77 million. Consumption in 2014 is estimated to be 3.81 million barrels a day, down from the previous projection of 3.83 million.

The department expects households heating primarily with oil to spend an average of about $2,442 during the winter season from Oct. 1 to March 31. That’s 17 percent higher than last year, as a result of a 4.1 percent increase in prices and a 12 percent increase in consumption. In February, the EIA forecast consumers would spend an average of about $2,459.

About 6 percent of U.S. households depend on heating oil for space heating. The Northeast accounts for about 80 percent of these households.

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Economy
The Energy Department lowered its estimate for gasoline demand this year butmaintained its forecast for gasoline prices at the pump.
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2013-15-12
Tuesday, 12 Mar 2013 03:15 PM
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