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.
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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
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