US summer retail gasoline price to peak at $2.35/gal: EIA

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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