US raises forecast for summer gasoline prices

(AP) – Gasoline for that summer road trip will cost a bit more than experts in the federal government were expecting just a month ago.

The government is also predicting higher crude prices, as higher U.S. production is offset by declines elsewhere.

The Energy Information Administration on Tuesday estimated that U.S. oil production will hit a record 12.45 million barrels a day this year and rise again to 13.38 million barrels a day in 2020.

The energy agency raised its forecast for the national average gasoline price through September to $2.92 a gallon from $2.76 a month ago.

If the new forecast is right, prices will average 7 cents more than last summer, partly due to higher margins for refining gasoline.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.