08 April 2014 18:42 [Source: ICIS news]
HOUSTON (ICIS)--The average US retail gasoline price is expected to reach $3.57/gal during the 2014 summer driving season, a government agency said on Tuesday.
This summer driving season, identified as April through September, will average 1 cent/gal less than the same time in 2013, which was at $3.58/gal, the US Energy Information Administration (EIA) said in its Short-Term Energy Outlook.
Furthermore, in 2014, motor gasoline consumption rates are expected to remain unchanged from last summer’s average of 9m bbl/day.
Year-over-year increases in highway travel, projected to be 0.7%, are offset by an increase in fleet-wide fuel efficiency, according to the outlook.
Diesel fuel prices, which averaged $3.89/gal last summer, are projected to average $3.87/gal in 2014.
The EIA’s projected consumption of distillate fuel, which includes diesel fuel and heating oil, averages 3.8m bbl/day this summer, 37,000 bbl/day higher than 2013. That growth is driven by increasing manufacturing output and foreign trade.
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