Here is the scoop on fuel projections from a few sources:
According to the U.S. Energy Information Administration’s (EIA) Analysis & Projections, we should see a slight decrease in diesel cost per gallon in 2019. (See diagram to the right)
Kliplinger projects we may see a slight decrease in fuel prices as we head into 2019. U.S. oil productions are nearing its record with more gains to come. Kliplinger projects that West Texas Intermediate (WTI) will trade between $60 and $65 per barrel in October compared to $67 and $70 per barrel currently. Some Relief in Sight at the Gas Station. 2018 August, 2. Retrieved from https://www.kiplinger.com/article/business/T019-C000-S010-energy-price-forecast.html
So what influences fuel prices anyway? Multiple factors go into determining fuel prices: crude oil prices (primary factor), exchange rates, tax policies, supply disruption, and seasonal factors. For every 10% change in oil prices, it leads to about a 7% change in fuel prices. Gasoline and Diesel Price Forecast-outlook for Europe and the World. 2018 August, 13. Retrieved from https://www.globalpetrolprices.com/articles/51/
Have you ever wondered where your money is going when you fill up? According to the EIA, we are paying for the following per gallon of gas:
