The Energy Information Administration (EIA) has lowered its crude oil price projection for the second half of 2012, and along with it its average regular gasoline retail price. EIA expects gas prices to average $3.39 in the third quarter and $3.49 for 2012, which compares to $3.53 in 2011. In 2013, EIA projects gasoline prices to average $3.28. Diesel prices are expected to average $3.79 in 2012, down 11 cents from last month's outlook, and $3.58 in 2013, down 21 cents from month-ago.
The price forecasts assume that world oil-consumption-weighted real gross domestic product (GDP) grows by 2.9% in both 2012 and 2013.
Link to full report.