Gasoline Prices Not Expected To Peak Nationally Until August
The Energy Information Administration reported in its Short-Term Energy Outlook that the U.S. national average for regular-grade gasoline will peak at $4.15 in August.
For the year, regular-grade gasoline is expected to average $3.78 per gallon, or 97 cents above the 2007 average price. Diesel fuel retail prices in 2008 and 2009 are projected to average $4.32 per gallon, up from $2.88 per gallon in 2007. Crude oil prices, which averaged $72 per barrel in 2007, are projected to average $122 per barrel in 2008 and $126 per barrel in 2009.