02 April 2009 00:29 [Source: ICIS news]
HOUSTON (ICIS news)--The US Energy Information Administration (EIA) said on Wednesday that US gasoline prices will not likely reach $3/gal this summer, a level well below last summer's record of over $4/gal.
Citing surplus refining capacity combined with low fuel demand due to the economic downturn, the EIA also predicted that the national average rate this summer will be around $2/gal.
“With over 4m bbl/day of excess crude oil production capacity, any surge in demand on a recovering economy could be met by increased production, mainly from OPEC countries,” the EIA said in its weekly petroleum analysis.
Last week, the ?xml:namespace>
The national average was tabulated at $2.046 cents/gal, above $2.000/gal for the first time since 17 November 2008, the EIA said.
The rise above the $2/gal mark was still relief at
Paul Hodges studies key influences shaping the chemical industry in his Chemicals and the Economy blog
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|