Digital Auto Care Factbook 2018 - 71

Crude Oil and Diesel Fuel Costs
Imported crude oil prices ended 2016 with $38.75 per barrel, the lowest since 2005. Crude oil, which accounts for 65 percent of the
cost of gas prices, has seen its price fall 16 percent since last year - from $46.38 per barrel to $38.75 in 2016. The lower crude oil
price in 2016 reflects the supply of crude oil exceeding global demand. But strong demand for oil, coupled with the Organization of
the Petroleum Exporting Countries' (OPEC) cut in oil production, have resulted in the U.S. Energy Department forecasting prices to
average $53 per barrel in 2017 and $56 in 2018.
The Producer Price Index (PPI) reports a comparable one-year rise in the price of diesel fuel. Diesel fuel rose 3.1 percent from its
2011 price of $395.9 to $408.2 in 2012, declining by 39.5 percent to $227 in 2015 and by 21 percent to $179.4 in 2016. The average
per gallon price of diesel fuel has been historically lower than regular gasoline. Since 2004, the average price of diesel fuel has
skyrocketed higher than regular unleaded gasoline.
The U.S. Energy Information Administration is expecting the average cost of regular unleaded gasoline to spike to $2.40 per gallon in
2017, up from $2.15 in 2016. This increase in gasoline price reverses the steady price decreases that consumers have enjoyed over
the last four years.

U.S. Crude Oil Imported Acquisition Cost, 1995-2016 (Dollars Per Barrel)
$120
$100
$80
$60
$40

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

$0

1995

$20

Source: U.S. Energy Information Administration.
http://www.eia.gov/dnav/pet/pet_pri_rac2_dcu_nus_a.htm

Producer Price Index for Diesel Fuel, 2006-2016
450
400
350
300
250
200
150
100
50
0

Note:

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016*

* Preliminary

Source: U.S. Department of Labor. Series ID: WPU05730302

The 2018 Digital Factbook is Copyright © 1990 Auto Care Association and/or its licensor. 
All other rights reserved.  Use of the 2018 Digital Factbook is subject to compliance with the Legal Terms and Conditions found on page 119 of this report.

71



http://www.eia.gov/dnav/pet/pet_pri_rac2_dcu_nus_a.htm

Table of Contents for the Digital Edition of Digital Auto Care Factbook 2018

Digital Auto Care Factbook 2018 - Intro
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