The national average price of gasoline fell three cents to $3.239 a gallon for the week ending Dec. 16, remaining just above a three-year low due to favorable energy economics.
The national average price of gasoline fell three cents to $3.239 a gallon for the week ending Dec. 16, remaining just above a three-year low due to favorable energy economics.
The price decline came for the third consecutive week with the backdrop of recent growth in domestic crude oil production and a sharp decline in car and light truck fuel use as reported in the U.S. Energy Information Administration's (EIA) Annual Energy Outlook 2014 (AEO2014) Reference released Monday.
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The average price of gasoline is now 1.5 cents lower than it was a year ago, the EIA reported seperately. Meanwhile, the average price of diesel fuel fell eight-tenths of a cent from a week ago and 7.4 cents from a year ago.
The AEO2014 includes a detailed demographic profile of driving behavior by age and gender as well as lower population growth rates based on updated Census Bureau projections.
As a result, annual increases in vehicle miles traveled in light-duty vehicles should grow an average of 0.9% from 2012 to 2040, compared to 1.2% per year projected over the same period in AEO2013. The rising vehicle fuel economy of light-duty vehicles more than offsets the modest growth in miles traveled, which should result in a 25% decline in energy consumption between 2012 and 2040.
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