US EIA projects 14% rise in summer gasoline prices

HOUSTON (ICIS)–The US Energy Information Administration (EIA) said on Tuesday that it expects US regular gasoline prices to average $2.74/gal this summer, an increase of 14% from $2.41/gal last year.

In its short-term energy and summer fuels outlook, the agency said the higher forecast gasoline prices are primarily the result of higher forecast crude oil prices.

For all of 2018, EIA expects US regular gasoline retail prices to average $2.64/gal and gasoline retail prices for all grades to average $2.76/gal.

The EIA said the higher cost of fuel means the average US household will spend about $190, or about 9% more, on motor fuel this year compared with 2017.