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Fuel Price Averages to Hit RecordsRetail diesel prices will average $2.82 a gallon this summer, down 6 cents from last summer, but the average price for the full year will be the highest on record, the Department of Energy said.
Diesel prices for the year will average $2.75 a gallon, the highest average in history, DOE's Doug MacIntyre told Light & Medium Truck Report following the release of the monthly short-term energy forecast last Tuesday.
Regular grade gasoline will also reach a historical average high this year, at $2.62 a gallon at the pump, MacIntyre said.
Gasoline will average $2.81 this summer, down slightly from $2.84 last summer, the forecast said. This summer, the average monthly gasoline pump price is projected to peak at an average of $2.87 in May, compared with a $2.98 peak last July.
DOE projected crude oil futures prices will average $64 to $65 a barrel this month, as supplies remain tight worldwide. Oil will average about $64 per barrel this year and in 2008 as a result of tight supplies, the report said. L&MT
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