This is an excerpt from EERE Network News, a weekly electronic newsletter.
EIA: Gasoline Prices to Remain High All Summer
If you're sick of high gasoline prices, DOE's Energy Information Administration (EIA) has some bad news for you: Gasoline prices are expected to remain high through the summer. High crude oil costs, strong gasoline demand, low gasoline inventories, and more stringent gasoline specifications will work together to create average retail prices of about $1.76 per gallon for regular grade, a record high. And the EIA warns that things could get worse if a major refinery or pipeline is unexpectedly shut down.
The EIA's latest "Short-Term Energy Outlook" projects a 1.4 percent increase in U.S. oil demand in 2004 and a 1.9 percent increase in electricity use. To help meet that rising electrical demand, U.S. coal production is expected to increase 2.8 percent in 2004 and 2.9 percent in 2005. See the EIA press release, the "Short-Term Energy Outlook," and the "Summer 2004 Motor Gasoline Outlook" (PDF 258 KB). Download Acrobat Reader.