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Cheaper Summer Gas Prices Are Forecast

by Staff Reporter
Posted On: 5/23/2013

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TAGS: vending, vending route, gas prices, fleet news, Energy Information Administration, summer gas price forecast, Energy Department, Short-Term Energy Outlook, AAA

WASHINGTON -- The Energy Information Administration lowered its forecast for summer 2013 gasoline prices. U.S. drivers will pay an average 16¢ a gallon less for gasoline this summer compared with a year ago, the statistical arm of the Energy Department said in its most recent Short-Term Energy Outlook (May 7). The EIA's April forecast predicted prices would average 6¢ a gallon less than in 2012.

The agency expects regular-grade gasoline will average $3.53 a gallon from April through September, down from the April estimate of $3.63 a gallon. Diesel fuel will average $3.88 a gallon, less than the previous forecast of $3.94.

According to the EIA, lower crude prices will keep motorists' costs in check. Brent, the pricing basis for U.S. oil imports, is down 7.1% from a year ago, while West Texas Intermediate, the U.S. benchmark, has dropped 2.2%.

Separately, AAA reported that motorists paid the lowest springtime gas prices in three years. Gas prices nationally averaged $3.55 a gallon in April, which was the least expensive average for the month since 2010. Prices dropped about 13¢ per gallon in April (3.5%), which was the largest percentage decline for the month in 10 years. In comparison, gas prices in 2012 averaged $3.89 for the month, while the average price in April 2011 was $3.79 a gallon.