Summer gasoline prices expected to be highest in four years

U.S. Energy Information Administration --------- EIA forecasts that drivers in the United States will pay an average of $2.74 per gallon (gal) this summer for regular gasoline, the highest average summer gasoline price in four years, according to EIA’s Short-Term Energy and Summer Fuels Outlook. EIA’s forecast gasoline price for summer 2018 (April through September) is 26 cents/gal higher than the average price last summer, largely reflecting changes in crude oil prices. Overall gasoline expenditures in 2018 are expected to be about $2,300, or nearly $200 more per household than in 2017. EIA projects that monthly average gasoline prices will reach a peak of $2.79/gal in May before falling to $2.65/gal in September. Gasoline prices are often higher in summer months when gasoline demand is higher. In these months, federal and state environmental regulations require the use of summer-grade gasoline, which is more expensive to manufacture. For all of 2018, EIA forecasts U.S. regular gasoline prices to average $2.64/gal. To learn more click on the picture below to read the article.