HVAC Breaking News

Aug. 14, 2007: Gasoline Prices to Drop More Despite Record Oil Prices

WASHINGTON - Crude oil prices are near their record highs and are expected to peak in August, according to the U.S. Department of Energy’s (DOE’s) Energy Information Administration (EIA). The EIA’s Short-Term Energy Outlook expects U.S. refiners to pay an average of $73.50 per barrel during August, compared to only $61.60 per barrel in May. Despite the increasing price of oil going into the refineries, the price of gasoline at the pump is dropping, and that decline is expected to continue through the end of year.

After peaking at record prices of $3.22 per gallon on May 21, the average retail price for regular unleaded gasoline fell by almost 40 cents per gallon as of last week, thanks to increased production at U.S. refineries. The EIA expects regular unleaded gasoline to average $2.64 per gallon come December.

Crude oil prices set a number of records in recent weeks, with the highest prices achieved in the spot market for Brent crude oil. According to the EIA, the spot prices for Brent crude peaked at $79.09 per barrel in late July.

Publication date: 08/13/2007

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2015 AHR Expo

Photos from the 2015 AHR Expo at McCormick Place in Chicago.

Posted: February 19, 2015

Podcasts

NEWSMakers: Andy Patron
Andy Patron, partner with FMI Corp., discusses the impact a national labor shortage may have on the mechanical contracting industry. Posted on March 27.
More Podcasts

ACHRNEWS

NEWS 03-30-15 cover

2015 March 30

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

Global Warming

Do you believe in man-made global warming?
View Results Poll Archive

HVACR INDUSTRY STORE

2015.jpg
2015 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

 

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

DON'T MISS A THING

Magazine image
 
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con