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Energy

US Average Gasoline Price Forecast Lowered

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By Paul Ausick Published

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The US Energy Information Administration (EIA) released its updated Short-Term Energy Outlook today, and the good news for drivers is that the forecast for gasoline prices for the Spring and Summer has been lowered from a previous estimate of $3.95/gallon to $3.79/gallon. According to today’s reading at the AAA fuel gauge report, regular gasoline costs $3.763/gallon, below the EIA’s estimate for the average summer price.

Because the current price is already below the forecast average, gasoline prices should rise at some point between now and September to even things out. The EIA also noted that given the current futures price on reformulated blendstock for oxygenate blending (RBOB), there is a 22% chance that pump prices will exceed $4/gallon in September.

Our takeaway: enjoy the lower prices while they last. By summer’s end, we’ll be paying considerably more.

Paul Ausick

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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