The EIA's latest "Short Term Energy Outlook" forecasts the highest average cost to occur in May, when regular unleaded gasoline is projected to average $2.35 per gallon. A combination of high crude oil prices and refinery constraints is expected to keep gasoline prices high.
The report also expects crude oil prices to remain above $50 per barrel through 2006, averaging about $55 per barrel. Natural gas prices were also elevated in March, exceeding $7 per thousand cubic feet, a 26 percent gain over one year ago. Natural gas prices are expected to remain near this level through 2006.
Publication date: 04/18/2005