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6/8, 6:45 PM (Source: TeleTrader)
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EIA: US gas prices in summer to grow 41% YoY

The United States Energy Information Administration released a short-term energy outlook report on Tuesday, saying that in the summer driving season between the months of April and September the gasoline retail prices will increases by 41% to $2.92 per gallon, compared to the summer of 2020. In May the prices peaked at $3.03 per gallon, marking the highest level since 2014.

"The higher forecast gasoline prices reflect higher crude oil prices and higher wholesale gasoline margins. Wholesale gasoline margins have risen as a result of relatively low inventories and rising gasoline demand. Margins also temporarily widened because of outages on the Colonial Pipeline," the EIA report read.

The gasoline consumption is expected to average at 9.1 million barrels per day from April to September, which is 1.3 million barrels per day more than the summer of 2020, but 0.4 million barrels less than the pre-pandemic summer of 2019.

Breaking the News / LH