The Energy Information Administration trimmed its expected price outlook for retail gasoline this year while holding unchanged its projection for diesel fuel sold at retail outlets, announcing the forecast last week in its Short-term Energy Outlook for August.

The EIA shaved 2cts off its previous outlook, now projecting the 2009 U.S. average for regular grade gasoline to be $2.34 gal, which is well below the $3.26 gal average for 2008. Retail diesel fuel is seen averaging $2.46 gal this year, down sharply from the $3.80 gal average in 2008.

Higher projected crude oil prices 2010, estimated at $72 bbl due to improved economic conditions along with slightly higher refining margins, are expected to increase the average retail gasoline price to $2.66 gal, which is down 3cts from its outlook in July. The agency projects diesel fuel prices in 2010 will average $2.84 gal, up 5cts from the July estimates.

In its Monthly Oil Outlook for August, the International Energy Agency expects lost global oil demand in 2009 compared with a year ago to be 2.31 million bpd, a modest 190,000 bpd less than projected in July. The slight revision sets the agency’s outlook for global oil demand this year at 83.94 million bpd, “given a stronger outlook for Asia.”

The IEA also revised lower expected growth in the world’s demand for crude oil in 2010, forecasting the annual consumption rate at 85.25 million bpd, up 1.3 million bpd or 1.6 percent from this year. The August outlook shaved off 70,000 bpd of oil demand growth in 2010 compared with the agency’s July projection.

The Paris-based energy watchdog for western nations said the supply of global oil increased 570,000 bpd to 85.1 million bpd in July, with two-thirds of that growth coming from countries that are not part of the Organization of Petroleum Exporting Countries. Total non-OPEC supply for 2009 was revised up 190,000 bpd to 51.0 million bpd, “largely due to stronger-than-expected Russian output.”