During the April through September summer driving season this year, prices were forecast to average $3.92 per gallon.
With the short-term energy outlook due tomorrow from the federal government, some are predicting that gasoline prices in the U.S. have already reached the top of their climb and will be heading back down again.
The average price for regular gasoline at U.S. filling stations increased 3.74 cents over the past two weeks and may have peaked, according to the independent Lundberg Survey. The price increase to $3.97 a gallon on 6 April is based on a survey of 2,500 gasoline stations. This is the smallest price increase in gasoline since last January.
In March, the U.S. Energy Information Agency EIA said that regular-grade motor gasoline retail prices would average $3.79 per gallon in 2012 and $3.72 per gallon in 2013.
If crude oil prices decrease, then gasoline prices will decline since crude is the biggest factor – 72% – in the price of gasoline. Reuters reported that crude for May delivery on the New York Mercantile Exchange, settled at $102.46 a barrel, down 85 cents, or 0.82%, after trading between $100.81 and $102.55. Losses were pared as traders bought back after prices hit session lows.
In March, the U.S. Energy Information Agency EIA said that regular-grade motor gasoline retail prices would average $3.79 per gallon in 2012 and $3.72 per gallon in 2013, compared with $3.53 per gallon in 2011. During the April through September summer driving season this year, prices were forecast to average about $3.92 per gallon, with a peak monthly average price of $3.96 per gallon in May.
