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U.S. Gasoline Prices Expected to Equal Last Summer’s Average
The price of a gallon of gasoline in the U.S. will average $3.57 this summer compared with $3.58 in 2013, the U.S.
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The price of a gallon of gasoline in the U.S. will average $3.57 this summer compared with $3.58 in 2013, the U.S. Energy Information Administration predicts.
The national average is the lowest since summer 2010. EIA says regional prices will vary from $3.37 along the Gulf Coast to $3.85 on the West Coast. The agency expects the overall average to slide from $3.66 in May to $3.46 in September.
EIA says petroleum production outside the Organization of the Petroleum Exporting Countries will grow at a faster rate than global consumption, thus offsetting an expected drop in OPEC output. The agency forecasts the price of Brent crude will average $105 per barrel this summer compared with $107 for the same period in 2013.
U.S. gasoline consumption this summer will increase slightly as growth in miles driven offsets improvements in average vehicle fuel economy, according to EIA.
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