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Crude Oil and Diesel Fuel Costs
Crude oil, which accounts for 65 percent of the cost of gas prices, has seen its price increase 24.6 percent since last year from
$40.66 per barrel to $50.68 in 2017. The U.S. Energy Department is forecasting prices to average $60 per barrel in 2018 and $61 in
2019. It expects crude oil production by the U.S. and Organization of the Petroleum Exporting Countries’ (OPEC) to exceed global
consumption levels.
The Producer Price Index (PPI) reports a comparable one-year rise in the price of diesel fuel. Diesel fuel rose 29.4 percent from its
2016 price of $179.60 to $232.40 in 2017, after declining from 2013 through 2016. The average price per gallon of diesel fuel has been
historically lower than regular gasoline.
The U.S. Energy Information Administration is expecting the average cost of regular unleaded gasoline to spike to $2.60 per gallon in
2018, up from $2.53 in 2017. This increase in gasoline price reverses the steady price decreases that consumers have enjoyed over
the last four years.
U.S. Crude Oil Imported Acquisition Cost, 2000-2019 (Dollars Per Barrel)
Producer Price Index for Diesel Fuel, 2007–2017 $28.26
$22.95
$24.10
$28.53
$36.98
$50.24
$60.24
$67.94
$94.74
$59.29
$76.69
$101.87
$100.93 $100.49
$92.92
$48.39
$40.66
$60.00 $61.00
$0
$20
$40
$60
$80
$100
$120
2019* 2018* 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
$50.68
Note: Historical data have been revised.
* Forecast 0
50
100
150
200
250
300
350
400
450
2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
1985100
Note: * Preliminary
Source: U.S. Department of Labor. Series ID: WPU05730302 Source: U.S. Energy Information Administration
http://www.eia.gov/dnav/pet/pet_pri_rac2_dcu_nus_a.htm
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