Released January 14, 2022 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--According to the U.S. Energy Information Administration (EIA), happy news may be on the way for drivers. After a slight price bump in both gasoline and diesel this year, prices are expected to come down in 2023.
U.S. gasoline prices averaged $3.00 per gallon in 2021. The EIA forecasts this will rise $3.06 per gallon this year, before coming down in 2023 to an average of $2.80 per gallon. Diesel is expected to increase to $3.33 per gallon this year, before decreasing to $3.27 per gallon in 2023.
The EIA says the price decline is expected as demand growth slows, coupled with increased crude oil production. U.S. gasoline consumption fell by an estimated 1.2 million barrels per day (BBL/d) in 2020, then increased by 700,000 BBL/d in 2021. The EIA expects an additional demand increase of 300,000 BBL/d in 2022, followed by an increase of about 100,000 BBL/d in 2023. While the EIA forecasts driving trends will surpass pre-pandemic levels this year and next, this will be offset by increases in vehicle fleet fuel economy.
The EIA expects distillate demand, which includes diesel, to return to slightly less than 2019 levels this year.
Industrial Info is tracking more than $6.8 billion of refining projects planned to kick off in the U.S. in 2022. Subscribers to Industrial Info's Global Market Intelligence (GMI) Refining Project Database can click here for a list.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
U.S. gasoline prices averaged $3.00 per gallon in 2021. The EIA forecasts this will rise $3.06 per gallon this year, before coming down in 2023 to an average of $2.80 per gallon. Diesel is expected to increase to $3.33 per gallon this year, before decreasing to $3.27 per gallon in 2023.
The EIA says the price decline is expected as demand growth slows, coupled with increased crude oil production. U.S. gasoline consumption fell by an estimated 1.2 million barrels per day (BBL/d) in 2020, then increased by 700,000 BBL/d in 2021. The EIA expects an additional demand increase of 300,000 BBL/d in 2022, followed by an increase of about 100,000 BBL/d in 2023. While the EIA forecasts driving trends will surpass pre-pandemic levels this year and next, this will be offset by increases in vehicle fleet fuel economy.
The EIA expects distillate demand, which includes diesel, to return to slightly less than 2019 levels this year.
Industrial Info is tracking more than $6.8 billion of refining projects planned to kick off in the U.S. in 2022. Subscribers to Industrial Info's Global Market Intelligence (GMI) Refining Project Database can click here for a list.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
