Washington, DC, April 8--Regular gasoline prices are projected to average $2.28 per gallon during this April through September summer season, 38 cents above the level last summer, according to forecasts released today by the Energy Information Administration (EIA) in the April Short-Term Energy Outlook.
Monthly average prices are projected to peak at about $2.35 per gallon in May. Summer diesel fuel prices are expected to average $2.24 per gallon. West Texas Intermediate (WTI) crude oil prices are projected to average 37 cents per gallon above year-ago levels this summer.
High world oil demand, sparked by robust economic growth, is continuing to keep crude oil prices high and to increase competition for gasoline imports. In the United States, additional changes in gasoline specifications and tight refinery capacity can be expected to increase operating costs slightly and limit supply flexibility, adding further pressure on pump prices.
Summer motor gasoline demand is projected to average 9.3 million barrels per day, up 1.8 percent over last summer's demand despite higher prices. The higher demand is caused by the increasing number of drivers and vehicles, and increasing miles traveled per vehicle.
