How much will diesel cost in 2022?

Still, while the average price of Brent crude was $72 per barrel in 2021, the U.S. Energy Information Administration forecasts an average of $104 per barrel for 2022. This results in a forecast of an average of $4.73 per gallon of diesel through 2022, with a bright spot forecasting a drop to an average of $4.07 next year.

How will crude oil prices change in 2022 & 2023?

We expect that slower demand growth and increasing crude oil production through 2022 and 2023 will contribute to lower crude oil and petroleum product prices. Crude oil prices are the largest driver of retail gasoline and diesel fuel prices. In 2022, we expect recently reduced retail gasoline prices to continue to decline as demand growth slows.

Will gasoline and diesel prices rise this summer?

U.S. gasoline and diesel consumption continue to remain below their 2019 averages. We expect higher fuel prices this summer as a result of higher crude oil prices.

Will gas prices increase in 2022?

We expect an additional increase of 0.3 million b/d in 2022 and before a minor increase of less than 0.1 million b/d in 2023. We expect U.S. gasoline consumption to remain below 2019 levels (9.3 million b/d) on an annual basis through the STEO forecast.