Feds Say Don’t Expect High Prices at the Pump in Next 12 Months

Well, here’s some great news from the federal government, for a change. Heavy Duty Trucking’s Evan Lockridge reports that the U.S. Energy Department has lowered its forecast for diesel and gasoline prices for 2016.

The department’s latest Short Term Energy Outlook from the U.S. Energy Department projects trucking’s main fuel will average $2.29 per gallon in 2016. That estimate represents a 38 cents per gallon reduction from its projection just a month earlier. The DOE expects the average fuel price to rise a modest 30 cents by 2017 to a level that’s still lower than the average price of $2.71 last year.

That sure is far cry from where things stood for trucking fleets and operators in mid-2014 when oil traded at more than $100 per barrel. We thought you might appreciate that bit of good news.