BLOOMBERG


EIA Foresees Higher U.S. Gasoline Demand With Lower Pump Prices

By Barbara Powell - Oct 8, 2013 10:51 AM ET


The U.S. Energy Information Administration raised its 2013 forecast for gasoline consumption by 0.1 percent from last month's estimate to 8.71 million barrels a day.

Gasoline demand in 2014 may be 8.67 million barrels a day, up from last month's forecast of 8.66 million, the statistical arm of the Energy Department said today in its monthly Short-Term Energy Outlook.

The agency reduced the outlook for regular-grade gasoline in 2013 by 3 cents to $3.52 a gallon. Prices in the fourth quarter will average $3.34 a gallon, the ETA said
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The average price next year may sink to $3.40 a gallon, 3 cents below the August estimate of $3.43. Prices in 2012 averaged $3.63 a gallon.


Distillate demand, including diesel and heating oil, will be 3.83 million barrels a day this year, down from last month's outlook for 3.86 million. The estimate for 2014 consumption was left unchanged at 3.91 million barrels.

On-road diesel will average $3.93 a gallon this year, down from last month's forecast of $3.96. Next year, prices may drop to $3.76 a gallon, compared with last month's estimate of $3.82.

To contact the reporter on this story: Barbara Powell in Dallas at bpowel14@bloomberg.net
To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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