EIA Raises Gasoline Price Forecast

September 18, 2012 08:50 AM

The U.S. Energy Information Administration (EIA) released its Short-term Energy Outlook today. The report says higher crude oil prices, refinery outages, a pipeline disruption and Hurricane Isaac all contributed to higher gasoline prices in the month of August. EIA raised the average regular-gasoline retail price forecast for the third quarter of 2012 to $3.66 per gallon, up $0.17 from $3.49 previously. The report expects retail gasoline prices to soften later this month as the market transitions from summer-grade to winter-grade gasoline specifications. Regular gasoline price forecasts put the fourth quarter at $3.58 and lower for first quarter 2013 to $3.43.

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