US summer retail gasoline price to peak at $2.35/gal: EIA
Washington (Platts)--7Apr2005
US retail regular-grade gasoline prices are expected to peak in May at a monthly average price of about $2.35/gal, although weekly prices and some regional prices will likely be higher, the US Energy Information Administration said Thursday. Summer gasoline prices, during the April-through-September period, are projected to average $2.28/gal nationwide, 18 cts/gal more than the agency had anticipated in a March forecast. On Apr 4, the average weekly regular-grade pump price was $2.22/gal, according to EIA. The forecast price increase was largely due to stronger crude oil prices, EIA said in its summer fuels report. The agency, the statistical arm of the US Energy Department, projected that West Texas Intermediate crude oil prices this summer would average $1.348/gal, 37 cts/gal above record- high levels last summer. "High world oil demand, sparked by a robust economic growth, is continuing to keep crude oil prices high and to increase competition for gasoline imports," EIA commented. This story was originally published in Platts Global Alert http://www.globalalert.platts.com
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