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US raises forecast for summer gasoline prices

Posted: 3:44 PM, May 07, 2019
Updated: 2019-05-07 15:44:18-04

(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.