US agency raises forecast for average price of gasoline

11 September 2012 20:41  [Source: ICIS news]

HOUSTON (ICIS)--The US Energy Information Administration (EIA) has increased its average regular unleaded gasoline retail price forecast for the third quarter to $3.66/gal from $3.49/gal, the agency said on Tuesday.

The higher forecast comes after Hurricane Isaac shut down or limited production at several refineries along the US Gulf coast.

“Higher crude oil prices, refinery outages, a pipeline disruption and concerns over Hurricane Isaac's impact on the Gulf coast, the US’s major refining region, contributed to higher gasoline prices during August,” the EIA said in its Short-Term Energy Outlook.

The EIA said retail gasoline prices should start falling after the transition from summer-grade to winter-grade gasoline. The transition takes place on 15 September.

Regular gasoline retail prices are predicted to average $3.58/gal in the fourth quarter and $3.43/gal in 2013, the EIA said.

The current retail average for regular unleaded gasoline is $3.843/gal, according to automobile industry group AAA.

By: Bobbie Clark
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