Oil prices are expected to increase to an average of $117 per barrel for March, up $20 from its February average, EIA said in its Short-Term Energy Outlook. The report was finalized on March 3 before some Russian oil sanctions were announced. EIA predicts oil prices will average $116 for the second quarter of the year, $102 for the second half of the year and $83 for 2023.
U.S. regular retail diesel prices hit their highest prices since March 2013 at $4.03 per gallon in February. Diesel prices are forecast to average $4.43 during the second quarter of the year and $4.04 over the second half of 2022. February retail gas prices averaged $3.52 per gallon, up 20 cents from January and up $1.02 from a year ago. Gas prices are forecast to average $4.10 for the second half of the year and $3.71 for the second half. It would be the first time the national average gas price reached over $4.00 since July 2008.
