09 April 2013 21:25 [Source: ICIS news]
HOUSTON (ICIS)--During the upcoming summer driving season, retail gasoline average prices in the US could exceed $4/gal, a government agency said on Tuesday.
The Short-Term Energy Outlook by the US Energy Information Administration (EIA) said that based on recent reformulated blendstock for oxygen blending (RBOB) NYMEX futures contract prices for July, there is a 12% chance that when the contract expires at the end of June, it will exceed $3.35/gal.
This is consistent with a monthly average regular-grade gasoline retail price exceeding $4/gal.
During the summer driving season, which lasts from April through September, regular gasoline retail prices are forecast to average $3.63/gal, according to the EIA.The projected monthly average regular retail gasoline price falls to $3.57/gal in September from $3.69/gal in May, the EIA said.
The average price in the summer of 2012 was $3.69/gal.
A drop in gasoline consumption as fuel economy improves will offset the increase in miles travelled, causing the lower year-on-year summer retail prices.
In 2012, the yearly average retail gasoline price hit an all-time high of $3.60/gal.
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