$2.92 a Gallon for Gasoline...
Summer Fuel Price Projections
On April 6, 2010 the U.S. Energy Information Administration released the April Short-Term Energy and Summer Fuels Outlook on fuel price projections through December 2011:
- The Energy Information Administration expects West Texas Intermediate prices to average above $81 per barrel this summer, slightly less than $81 per barrel for 2010 as a whole, and $85 per barrel by the fourth quarter of 2011.
- The Energy Information Administration forecasts that regular-grade motor gasoline retail prices will average $2.92 per gallon during this summer's driving season (the period between April 1 and September 30), up from $2.44 per gallon last summer. The forecast has the annual average regular grade retail gasoline price increasing from $2.35 per gallon in 2009 to $2.84 in 2010 and to $2.96 in 2011, primarily because of projected rising crude oil prices. Average U.S. pump prices for regular gasoline are likely to exceed $3 per gallon at times during the driving season, and already exceed $3 per gallon in some areas. Projected annual average retail diesel fuel prices are forecast at $2.95 and $3.12 per gallon in 2010 and 2011, respectively.
- The Energy Information Administration expects the natural gas spot price to average $4.44 per million British thermal units this year, a $0.49 per million British thermal units increase over the 2009 average.
- The annual average residential electricity price changes only slightly over the forecast period, averaging 11.5 cents per kilowatthour in both 2009 and 2010 and then rising to 11.7 cents per kilowatthour in 2011.
The full Short Term Energy ans Summer Fuels Outlook contains considerably more information and projections.
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