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According to the Hydrocarbon Processing News on January 13, the U.
S.
Energy Information Administration expects the retail price of regular gasoline to average $3.
06/gallon by 2022, up from $3.
00/gallon in 2021, and then drop to $2.
80/gallon
in 2023.
They expect the average price of highway diesel to rise to $3.
33/gallon by 2022 and to $3.
27/gallon by 2023
.
In EIA's forecast, average annual diesel demand in the United States will reach 2019 levels in 2022
.
The EIA expects slower demand growth and increased crude oil production to help lower crude oil and petroleum product prices in 2022 and
2023.
Crude oil prices are the biggest driver
of retail gasoline and diesel fuel prices.
The EIA expects recently lowered retail gasoline prices to continue to decline
in 2022 as demand growth slows.
They estimate that average gasoline consumption for automobiles is expected to decline by 1.
2 million bpd in 2020, compared to an increase of 700,000 b/d
in 2021.
They expect an increase of 300,000 b/d in 2022 and a modest increase of less than 100,000 b/d
by 2023.
According to STEO's forecast, EIA expects U.
S.
gasoline consumption to remain below
2019 levels (9.
3 million bpd).
